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The stock of Minda Industries jumped 7.5 per cent accompanied by above average volume on Tuesday conclusively breaking above a key resistance at ₹370.
After an intermediate-term downtrend, the stock found support at ₹256, a 52-week low recorded in early February this year. Subsequently, the stock changed direction triggered by positive divergence in the daily relative strength index.
Since early February, the stock has been in a medium-term uptrend.
Following a minor corrective decline, it found support at ₹325 and resumed its uptrend in late March.
The stock hovers well above its 50- and 200-day moving averages.
The short-term outlook is bullish for Minda Industries. Targets are ₹392 and ₹400.
Traders can buy the stock with a stop-loss at ₹369.
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