Mumbai: Shares of auto ancillary company Minda Corporation jumped 4 per cent in early trade today. There is a lot of interest from buyers in this stock. It is one of the trading stocks despite high volatility in the broad market. Technically, the stock has registered a breakout from the triangle pattern with higher than average volume. Its volumes have increased for the third consecutive day which is an evidence of strong buying interest in the stock. The stock is trading above all its important moving averages. The uptrend in the moving averages indicates further upside in the stock. Its relative strength index (62.44) is in the bullish territory and is indicating a stronger RSI compared to the broader market.
Its trend indicator ADX (20.43) is showing strong trend strength while OBV is showing heavy buying activity in this stock. Overall, this stock has become technically strong and can go higher in the days to come. Its medium resistance is at the level of Rs 240. After this it can go towards Rs 260 and above. Its support is at Rs 215 level. On Monday, the company’s stock had reached Rs 227 on the NSE. Momentum traders can keep an eye on this stock in coming days. This article is powered by Dalal Street Investment Journal, India’s No. 1 Investment Magazine. Click here to get regular updates about Winning Stocks and Recommendations.
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