The latest movement in the price of the Spandana Sphoorty shows a bullish movement that can be considered rather good; however, one should be careful. Near support zones, investors should use ‘wait and watch’ policy, and should be undertake buying with stop loses intact.
Spandana Sphoorty Share Price Surge: Key Insights for Investors
Over the Recent days the Bullish Flow Is Exigent
Spandana Sphoorty Financial, having the analyst rating of small-cap stock, has observed high changes in two a DAY period. After having closed 20 per cent higher on Tuesday, the scrip gained another 15 per cent in the early trade on Wednesday, January 8 in BSE.
- The stock opened at ₹405, against its prior close of ₹402.75.
- It rose to an intra day high of Rs 463.90, up by 15.2 % for the day.
- As of 10:20 AM the stock was at ₹455.75 higher by 13.16 % as compared to its previous close.
- The stock has risen by 38% in just two sessions, followed by a 5% rise on the next day.
Price Trend Analysis
- The shares of Spandana Sphoorty touching the 52-week high of ₹1,243.10 on January 12, 2024.
- Since the superstitiousσι announcement the stock had a nosedive sliding by more than 60% in the past one year.
- The least value of the rupee was ₹305.50 on 26th Dec 2024 of the last year.
- If such returns are sustained, the stock has been 38% up in January alone, thus tumbling for eight consecutive months.
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What Analysts Are saying As To What Investors Should Do
Also, analysts attributed the stock’s stronger bullish signal at present, and it is suggested that one should wait for such movement in order to happen first.
Jigar S. Patel – Senior Manager – Equity Research at Anand Rathi
About the price action, Patel noted that it went up from ₹300 to ₹463 in three sessions, which is a clear sign of a bull run.
- Pricing of the stock stands at ₹500 ranging from ₹400.
- Accordingly to Patel, one should buy close to the support level with a view to an upside of ₹500- ₹520. He gives an indication to go in on the stock after waiting to make sure the bullish run had persisted.
Hardik Matalia is working as Derivative Analyst at Choice Broking.
The author Matalia identifies the stock chart having touched the zone of ₹1,240 but, subsequently, going down notably before stabilising near crucial support zones that suggest a possible trend reversal.
- However, the recent upward trend has taken the stock to the overbought level by touching the RSI line of 73.
- To that effect, only fresh buying is advised if the stock pulls back to the corrective zone around ₹400-360 to find demands zones.
- A stop loss of ₹300 must be maintained because price crossing this amount indicates a further pullback.
- Support is located in the ₹530 zone and, should that level be breached by the bulls, more upward movement should be expected.
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