Technical Analysis

Minda Corporation (₹207.3): BUY

Gurumurthy K |BL Research Bureau | Updated on: May 17, 2022

Businessman trading online stock market on teblet screen, digital investment concept | Photo Credit: nespix

Support is at ₹192 which can limit the downside

The stock of Minda Corporation is showing signs of a near-term bottom. The price action over the last one week indicates a base formation below the psychological ₹200 mark. This leaves the bias positive on the chart. As such the chances are high for the stock to see a fresh rally in the coming days. Support is at ₹192 which can limit the downside. A rise to ₹220 is possible in the next couple of days if the current momentum continues. A break above ₹220 can take the stock further up to ₹230-₹235 over the next one-two weeks.

Traders with a short-term perspective can go long at current levels. Accumulate longs at ₹196 if it dips below ₹200. Keep the stop-loss at ₹188. Trail the stop-loss up to ₹212 as soon as the stock moves up to ₹218. Move the stop-loss further higher to ₹222 as soon as the stock touches ₹227 on the upside. Book profits at ₹230. This bullish outlook will get negated if the stock makes a decisive close below ₹192. In that case the stock can fall to ₹180-₹175 going forward.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on May 18, 2022
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