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Technical Positional Pick - Buy Minda Industries Ltd For Target Rs. 890 - HDFC Securities 

TECHNICAL OBSERVATIONS

* Minda Industries is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.

* After consolidating in a range between the 700-758 levels for the last several sessions, the stock has broken out of this range on Thursday on the back of above average volumes.

* Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.

* With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.

Buy Minda Industries Ltd Up to 1-3 Months @ Buying Range 760-778.2 CMP 778.2 TGT 890 SL 723

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