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The short-term outlook for the stock of Minda Corporation is bullish. The stock has been forming a strong base above the 100-Day Moving Average (DMA) over the last one week. The 100-DMA is at ₹206. Monday’s 2.48 per cent rise gives an initial sign of the beginning of a fresh upmove. There is a support above the 100-DMA at ₹209 also. As such ₹209-₹206 will be a strong support zone that can limit the downside.
The stock can rise to ₹235-₹240 in the next one-two weeks. Traders can go long at current levels. Accumulate longs on dips at ₹210. Keep the stop-loss at ₹204. Trail the stop-loss up to ₹222 as soon as the stock moves up to ₹229. Move the stop-loss further up to ₹231 as soon as the stock touches ₹235. Book profits at ₹238. This bullish outlook will get negated only if the stock declines below ₹206 – the 200-DMA support. Such a break can drag the stock down to ₹192-₹188. But such a fall looks less probable.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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