Minda Corporation Stock Price Expected to Reach Rs 599 in 3-5 Weeks: HDFC Securities' Nagaraj Shetti

Mumbai (Alayaran.com): The stock price of Minda Corporation is projected to make a significant leap upwards, reaching an upside target of Rs 599 over the next 3-5 weeks. As per Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the company's shares are currently in a strong momentum phase after forming a bullish pattern around the 200-day Exponential Moving Average (EMA) level.

The EMA is now trading around Rs 470 levels, and the stock price is moving towards its next overhead resistance, the down-sloping trend line at Rs 565 levels. Shetti's technical analysis suggests that the current bullish patterns are giving a positive bias for the stock price ahead.

To capitalize on this momentum, traders may consider buying Minda Corporation shares on dips down to Rs 530 with an aim of reaching the upside target of Rs 599 in the near tenure. However, it is essential to set a stop-loss limit at Rs 510, as prices may slip due to the sudden market volatility.

It is worth noting that experts' recommendations and suggestions are their own and do not represent the views of Alayaran.com or HDFC Securities.