Technical Analysis

Minda Industries (₹377): Buy

Yoganand D BL Research Bureau | Updated on April 17, 2019 Published on April 18, 2019

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’s recent rally has conclusively breached its 200-day moving average and a key resistance at ₹370.

The stock hovers well above its 50- and 200-day moving averages. The daily RSI has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. There has been an increase in daily volume over the past two trading sessions.

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.

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

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