The stock of Mahindra CIE Automotive closed above the resistance band of ₹350-352 on Thursday, opening up the door for further rally. The hourly chart shows an ascending triangle breakout, indicating bullish continuation and we expect the stock to rally on Friday as well.
However, there might be a minor corrective move on Friday’s early trade, probably to ₹352 from Thursday’s close of ₹356.7 . Traders can buy the stock for intraday trade if the price corrects to ₹352 with stop-loss at ₹346. Book profits when the price hits ₹365. That said, do not enter if the stock opens the session below ₹346.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)