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Price and trend forecast of SHALPAINTS for Tomorrow, Weekly, Monthly

Shalimar Paints Limited

Symbol: NSE:SHALPAINTS

ISIN: INE849C01026

164.90

As on 2024-04-16

142.45 (52W Low) 224.15 (52W High)

SHALPAINTS's Today's Performance

Shalimar Paints Limited started the day by opening at 163.50 today 2024-04-16. Its shares reached a high of 166.50 and dipped to a low of 162.85 in intraday. When the markets closed, SHALPAINTS’s stock price settled at ₹164.90 per share. Also check out its key support and resistance levels.

SHALPAINTS Buy/Sell Targets

Tomorrow, sell SHALPAINTS when its price reaches ₹ 164.90 with a stop-loss order at ₹ 167.64. You can set the target price as ₹ 162.16 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of SHALPAINTS for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for SHALPAINTS

Resistance Levels Value in ₹
Tomorrow Resistance 1 167
Tomorrow Resistance 2 168
Tomorrow Resistance 3 170

Important Supports for SHALPAINTS

Support Levels Value in ₹
Tomorrow Support 1 163
Tomorrow Support 2 161
Tomorrow Support 3 159
Based on where the stock opens tomorrow, if SHALPAINTS opens on a positive note, our first target will be ₹167. If Target 1 is achieved, we will aim for Target 2 which is ₹168.

But if SHALPAINTS falls below the average value of ₹164.75, you can enter a sell side position with target number 1 - ₹163 and second target - ₹161 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of SHALPAINTS

Looking at SHALPAINTS, we've seen a Decreasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, SHALPAINTS has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for SHALPAINTS is moderate bearish.

Tomorrow's Volume based share price Forecast for SHALPAINTS

SHALPAINTS's Volume is currently in a Decreasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is 141%.

Reversal detection for SHALPAINTS

Predicted trend chart of SHALPAINTS tomorrow for price forecast
SHALPAINTS may trend may continue to be bearish since stock is making lower low and we can get target of ₹165 in morning tomorrow
Target 1 tomorrow166
Target 2 tomorrow167
Target 3 tomorrow168
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with SHALPAINTS's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if SHALPAINTS opens on a positive note, our first target will be ₹166.65. If Target 1 is achieved, we will aim for Target 2 which is ₹168.40.

But if SHALPAINTS falls below the average value of ₹164.75, you can enter a sell side position with target number 1 - ₹163.00 and second target - ₹161.10

SHALPAINTS's Weekly Targets
1st Up Target 168.18
2nd Up Target 171.47
1st Down Target 161.88
2nd Down Target 158.87

As the week for SHALPAINTS ended on bearish sentiments, we can expect further continuation of this sentiment. SHALPAINTS's initial target will be 168.18 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 161.88 in the upcoming week.

Weekly OHLC Values
Open 168.45
High 168.45
Low 162.15
Close 164.90

Week for SHALPAINTS started with an open price of 168.45, and the close was at 164.90. SHALPAINTS reached the highest of 168.45 and dipped lowest up to 162.15 last week. This indicates a bearish sentiment for the week.

SHALPAINTS full month swing targets
Monthly Up Target 1 174.48
Monthly Up Target 2 177.77
Monthly Down Target 1 155.58
Monthly Down Target 2 146.27

Targets of ₹174.48 can be expected to be reached in the coming month. Once SHALPAINTS achieved this target, we can aim for the next upside target of ₹177.77.

SHALPAINTS if fails to hold upside, down targets of ₹155.58 and ₹146.27 can be achieved by end of this month.

For complete three weeks if SHALPAINTS is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as SHALPAINTS

Symbol Name Industry
ULTRACEMCO UltraTech Cement Limited Building Materials
ASIANPAINT Asian Paints Limited Specialty Chemicals
JSWSTEEL JSW Steel Limited Steel
TATASTEEL Tata Steel Limited Steel
GRASIM Grasim Industries Limited Building Materials

Summary

SHALPAINTS is expected to reach the target of 166.65 in tomorrow's trading session.

After achieving the initial target in SHALPAINTS, we will aim for higher targets of 168.40 tomorrow.

However, if SHALPAINTS starts to trade below ₹164.75, then we will shift our focus to the sell side and aim for down targets of 163.00 and 161.10.