The stock may be bought in the range of Rs 424-427 for targets of Rs 455-485, keeping a stop loss below Rs 400, says Aditya Agarwala of YES Securities.
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Aditya Agarwala
YES Securities
On the daily chart, Minda Industries is on the verge of a breakout from a Triangle pattern (as indicated on chart) neckline placed at Rs 430.
A breakout above Rs 430 with healthy volumes can resume the uptrend taking it to levels of Rs 455-485. On the daily chart, it continues to form higher highs and higher lows affirming strong bullishness dominant in the stock.
Currently, the stock is on the verge of a breakout from the neckline of an Ascending Triangle pattern neckline placed at Rs 455.
Moreover, RSI turned upwards after taking support at the lower end of the bull zone i.e. 40 level suggesting higher levels in the coming trading sessions. The stock may be bought in the range of Rs 424-427 for targets of Rs 455-485, keeping a stop loss below Rs 400.Disclaimer: The author Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Aug 29, 2018 11:39 am