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Technical Observations

The stock has generated a breakout above last six weeks range ( | 174-151) signalling strength and resumption of the up move

We expect the stock to continue with its current positive momentum and head towards | 193 levels in the coming weeks being the 50% retracement of the last two months corrective decline (| 234-150) placed around | 193 levels

The stock has recently rebounded forming higher base at the rising 200 days EMA (currently at | 155) and the rising trendline support joining lows since September 2020 placed at | 155 levels signalling positive price structure. We expect it to act as major support going forward

The daily MACD (12,26,9) has recently generated a buy signal moving above its nine periods average thus validates positive bias

Buy Mahindra CIE Automotive Ltd @ 167.00-172.00 TGT 193.00 SL 155.00

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