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Minda Corp, Pricol: These auto ancillary stocks may be the next big movers

Auto ancillary stocks may jump up to 15 per cent in upcoming sessions

Auto ancillary | Pricol | Minda Corporation

Avdhut Bagkar  |  Mumbai 

auto component makers, automobile, manufacturing, jobs, workers, company, cars, engineering
Auto Ancillary stocks

Minda Corp Ltd (MINDACORP)
Likely target: Rs 200
Upside potential: 15%

The shares of Minda Corp Ltd recorded a new 52-week high on Tuesday November 16 with a very bullish momentum. This up move was the result of the breakout in the consolidation range of Rs 150 to Rs 115 levels, according to the daily chart. The immediate closing basis support stays at Rs 165 and the stock may see an upward rally in the direction of Rs 200 level. CLICK HERE FOR THE CHART

Likely target: Rs 140
Upside potential: 15%

With the formation of “Higher High, Higher Low”, the stock is set to rise upward towards Rs 140 level with volumes supportive of the positive sentiment, according to the daily chart. One can look at Rs 110 levels as a closing basis support for the up move. The following immediate support falls to Rs 105 and Rs 95, from a medium-term bullish outlook. CLICK HERE FOR THE CHART

Likely target: Rs 4,300
Upside potential: 11%

The stock has doubled on a year to date basis with volume addition at every healthy correction. The overall uptrend shall be intact as long as the support of Rs 3,500 is maintained. The bullish sentiment demonstrates a positive upside in the direction of Rs 4,300 level, according to the daily chart. The current scenario reflects a sideways move, which is likely to breakout on the upside, signals candlestick patterns. CLICK HERE FOR THE CHART

Timken India Ltd (TIMKEN)
Likely target: Rs 2,200
Upside potential: 10%

The straight upward rally from the levels of Rs 800 has not witnessed any major hurdles, according to the monthly chart. The stock has nearly doubled in the last one year and continues to generate greater interest among market participants. The bullish sentiment is protected with the support of Rs 1,800 and until this mark is defended, the upward bias is likely to see more interest and may head in the direction of Rs 2,200 level. CLICK HERE FOR THE CHART

MM Forgings Ltd (MMFL)
Likely target: Rs 1,050 (after crossing Rs 950)
Upside potential: 10%

The stock is respecting the support of 50-day moving average (DMA) placed at Rs 848 level and claiming higher highs. This rally shall be stronger as long as it upholds the 50-DMA. A decisive close above Rs 950 level may provide breakout towards Rs 1,050 level, as per the weekly and daily chart. CLICK HERE FOR THE CHART



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First Published: Wed, November 17 2021. 12:07 IST