This stock which has gained over 350% meets Mark Minervini’s trend template

This stock which has gained over 350% meets Mark Minervini’s trend template

by 5paisa Research Team Last Updated: Nov 12, 2021, 04:34 PM IST

In the month of March 2020, the stock of Minda Industries Limited has marked the low of Rs 206.25 and thereafter marked the sequence of higher tops and higher bottoms. From the low of Rs 206.25, the stock has gained nearly 354% in 86 weeks.

In the current week, the stock has given a 13-weeks consolidation breakout. This breakout was confirmed by over 3 times of 50-weeks average volume, indicating strong buying interest by market participants. The 50-weeks average volume was 17.18 lakh while in the current week stock has registered a total volume of 57.81 lakh.

Currently, the stock is meeting the criteria of Mark Minervini's Trend Template. The current market price of the stock is above the 150-day (30-week) and the 200-day (40-week) moving averages. The 150-day moving average is above the 200-day moving average. Since the last 280 trading sessions, the stock is trading above its 200-day moving average. The stock is trading above its 200-day SMA by over 46%.

The 50-day (10-week) moving average is also above both 150-day and 200-day moving averages. The current stock price is above the 50-day moving average. Also, the current stock price is nearly 189% above its 52-week low and currently, it is trading at an all-time high.

Its Mansfield Relative Strength (3.32) is above the zero line thereby, indicating the outperformance compared to the broader index i.e. Nifty 500. The Mansfield Relative Strength indicator is above the zero line for the last 248 trading sessions.

Interestingly, the weekly RSI has given a symmetrical triangle pattern breakout, which is a bullish sign. The fast stochastic is trading above its slow stochastic line on both weekly and daily timeframes. Pring's KST has recently given a fresh buy signal on the weekly chart.

Considering the robust technical structure of the stock is likely to continue its northward journey in the coming weeks. On the downside, the zone of Rs 830-Rs 810 will act as a strong support zone for the stock.

SENSEX
54,575.23
322.70 (0.59%)
Nifty 50
16,284.60
114.45 (0.71%)
Nifty Bank
35,526.85
431.95 (1.23%)
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SENSEX
54,575.23
322.70 (0.59%)
Nifty 50
16,284.60
114.45 (0.71%)
Nifty Bank
35,526.85
431.95 (1.23%)

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