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

Shyam Metalics and Energy Limited

Symbol: NSE:SHYAMMETL

ISIN: INE810G01011

691.85

As on 2024-07-24

383.05 (52W Low) 745.30 (52W High)

SHYAMMETL's Today's Performance

Shyam Metalics and Energy Limited started the day by opening at 682.75 today 2024-07-24. Its shares reached a high of 695.00 and dipped to a low of 681.15 in intraday. When the markets closed, SHYAMMETL’s stock price settled at ₹691.85 per share. Also check out its key support and resistance levels.

SHYAMMETL Buy/Sell Targets

Tomorrow, buy SHYAMMETL when its price reaches ₹ 691.85 with a stop-loss order at ₹ 677.47. You can set the target price as ₹ 706.23 to capture potential gains. This buy 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 SHYAMMETL for tomorrow's session along with weekly levels. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Down levels for SHYAMMETL

Downside Targets Value in ₹
Tomorrow Down Target 1 698
Tomorrow Down Target 2 703
Tomorrow Down Target 3 711

Important Levels for SHYAMMETL

Holding Levels Value in ₹
Tomorrow Up Target 1 684
Tomorrow Up Target 2 675
Tomorrow Up Target 3 670
Based on where the stock opens tomorrow, if SHYAMMETL opens on a positive note, our first target will be ₹698. If Target 1 is achieved, we will aim for Target 2 which is ₹703.

But if SHYAMMETL falls below the average value of ₹689.33, you can enter a sell side position with target number 1 - ₹684 and second target - ₹675 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 SHYAMMETL

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

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

Tomorrow's Volume based share price Forecast for SHYAMMETL

SHYAMMETL'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 79%.

Reversal detection for SHYAMMETL

Predicted trend chart of SHYAMMETL tomorrow for price forecast
SHYAMMETL may trend may continue to be bullish since stock is making higher highs and we can get target of ₹672 in morning tomorrow
Target 1 tomorrow695
Target 2 tomorrow698
Target 3 tomorrow703
 

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 SHYAMMETL'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 SHYAMMETL opens on a positive note, our first target will be ₹697.52. If Target 1 is achieved, we will aim for Target 2 which is ₹703.18.

But if SHYAMMETL falls below the average value of ₹689.33, you can enter a sell side position with target number 1 - ₹683.67 and second target - ₹675.48

SHYAMMETL's Weekly Targets
1st Up Target 709.00
2nd Up Target 726.15
1st Down Target 660.70
2nd Down Target 629.55

As the week for SHYAMMETL ended on bullish sentiments, we can expect further continuation of this sentiment. SHYAMMETL's initial target will be 709.00 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 660.70 in the upcoming week.

Weekly OHLC Values
Open 655.10
High 695.00
Low 646.70
Close 691.85

Week for SHYAMMETL started with an open price of 655.10, and the close was at 691.85. SHYAMMETL reached the highest of 695.00 and dipped lowest up to 646.70 last week. This indicates a bullish sentiment for the week.

SHYAMMETL full month swing targets
Monthly Up Target 1 757.30
Monthly Up Target 2 774.45
Monthly Down Target 1 612.40
Monthly Down Target 2 532.95

Targets of ₹757.30 can be expected to be reached in the coming month. Once SHYAMMETL achieved this target, we can aim for the next upside target of ₹774.45.

SHYAMMETL if fails to hold upside, down targets of ₹612.40 and ₹532.95 can be achieved by end of this month.

For complete three weeks if SHYAMMETL 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.

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Summary

SHYAMMETL is expected to reach the target of 697.52 in tomorrow's trading session.

After achieving the initial target in SHYAMMETL, we will aim for higher targets of 703.18 tomorrow.

However, if SHYAMMETL starts to trade below ₹689.33, then we will shift our focus to the sell side and aim for down targets of 683.67 and 675.48.