Technical Pick – Motherson sumi
• Motherson sumi is finding support at 315 and resistance above 322
•On Daily chart, Motherson sumi is showing breakout point above 322.Break and sustain above 322 will see nonstop rally in Motherson sumi till 327--337++ in weeks to come.
• Motherson sumi , has been trading in a broader range of 314--327 for last one month.
• Daily 14 period RSI has turned up from near levels. As per the bullish high low theory of 40-70 levels, the daily RSI is expected to move up to 70- 75 levels from the current reading of 63. This could mean Continuation of upside momentum in the stock price ahead possibly a breakout also this time.
• Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 327--337+++mark in coming weeks. For positional trade, stop loss seeing below 315 on closing basis which in unlikely to breach in near terms.
Trading Recommendation
Buy Mothersonsumi above 322 and for the initial upside target of 327—337++ mark with stop loss below 315 on closing basis.
More will update soon!!
