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The short-term outlook for the stock of Motherson Sumi Systems is bullish. The stock has been in a strong uptrend since late February. It rose 2 per cent on Thursday. The 3.7 per cent rally over the last two trading days has taken the stock well above the near-term resistance as well as the 61.8 per cent Fibonacci retracement level at around ₹323. Strong support for the stock is in the broad ₹315-323 zone, which is likely to limit the stock’s downside. Dips to this support zone may find fresh buying interest in the stock.
An immediate rise to ₹335 looks likely in the coming days. Further break above ₹335 can take the stock higher to ₹340 or even ₹345. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹318 for a target of ₹344. Accumulate longs on dips near ₹325. Revise the stop-loss higher to ₹330 as soon as the stock moves higher to ₹335.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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