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

Shilpa Medicare Limited

Symbol: NSE:SHILPAMED

ISIN: INE790G01031

505.75

As on 2024-04-12

228.50 (52W Low) 534.00 (52W High)

SHILPAMED's Today's Performance

Shilpa Medicare Limited started the day by opening at 511.00 today 2024-04-12. Its shares reached a high of 524.20 and dipped to a low of 501.45 in intraday. When the markets closed, SHILPAMED’s stock price settled at ₹505.75 per share. Also check out its key support and resistance levels.

SHILPAMED Buy/Sell Targets

Tomorrow, sell SHILPAMED when its price reaches ₹ 505.75 with a stop-loss order at ₹ 516.98. You can set the target price as ₹ 494.53 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 SHILPAMED 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 SHILPAMED

Resistance Levels Value in ₹
Tomorrow Resistance 1 519
Tomorrow Resistance 2 533
Tomorrow Resistance 3 542

Important Supports for SHILPAMED

Support Levels Value in ₹
Tomorrow Support 1 497
Tomorrow Support 2 488
Tomorrow Support 3 474
Based on where the stock opens tomorrow, if SHILPAMED opens on a positive note, our first target will be ₹519. If Target 1 is achieved, we will aim for Target 2 which is ₹533.

But if SHILPAMED falls below the average value of ₹510.47, you can enter a sell side position with target number 1 - ₹497 and second target - ₹488 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 SHILPAMED

Looking at SHILPAMED, 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, SHILPAMED has been on a Upward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for SHILPAMED is moderate bullish.

Tomorrow's Volume based share price Forecast for SHILPAMED

SHILPAMED's Volume is currently in a Decreasing trend, and Price is in a Upward direction. Therefore, we can say the stock is in a moderate bullish trend. Volume trend strength over the last month compared to the last week is 2%.

Reversal detection for SHILPAMED

Predicted trend chart of SHILPAMED tomorrow for price forecast
SHILPAMED may trend may continue to be bearish since stock is making lower low and we can get target of ₹516 in morning tomorrow
Target 1 tomorrow519
Target 2 tomorrow525
Target 3 tomorrow533
 

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 SHILPAMED'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 SHILPAMED opens on a positive note, our first target will be ₹519.48. If Target 1 is achieved, we will aim for Target 2 which is ₹533.22.

But if SHILPAMED falls below the average value of ₹510.47, you can enter a sell side position with target number 1 - ₹496.73 and second target - ₹487.72

SHILPAMED's Weekly Targets
1st Up Target 528.48
2nd Up Target 551.22
1st Down Target 488.53
2nd Down Target 471.32

As the week for SHILPAMED ended on bullish sentiments, we can expect further continuation of this sentiment. SHILPAMED's initial target will be 528.48 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 488.53 in the upcoming week.

Weekly OHLC Values
Open 501.95
High 534.00
Low 494.05
Close 505.75

Week for SHILPAMED started with an open price of 501.95, and the close was at 505.75. SHILPAMED reached the highest of 534.00 and dipped lowest up to 494.05 last week. This indicates a bullish sentiment for the week.

SHILPAMED full month swing targets
Monthly Up Target 1 568.43
Monthly Up Target 2 591.17
Monthly Down Target 1 448.58
Monthly Down Target 2 391.42

Targets of ₹568.43 can be expected to be reached in the coming month. Once SHILPAMED achieved this target, we can aim for the next upside target of ₹591.17.

SHILPAMED if fails to hold upside, down targets of ₹448.58 and ₹391.42 can be achieved by end of this month.

For complete three weeks if SHILPAMED 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 SHILPAMED

Symbol Name Industry
SUNPHARMA Sun Pharmaceutical Industries Limited Drug Manufacturers - Specialty & Generic
CIPLA Cipla Limited Drug Manufacturers - General
DRREDDY Dr. Reddy's Laboratories Limited Drug Manufacturers - Specialty & Generic
ZYDUSLIFE Zydus Lifesciences Limited Drug Manufacturers - Specialty & Generic
APOLLOHOSP Apollo Hospitals Enterprise Limited Medical Care Facilities

Summary

SHILPAMED is expected to reach the target of 519.48 in tomorrow's trading session.

After achieving the initial target in SHILPAMED, we will aim for higher targets of 533.22 tomorrow.

However, if SHILPAMED starts to trade below ₹510.47, then we will shift our focus to the sell side and aim for down targets of 496.73 and 487.72.