It has been a while that we updated something on the technical of companies. Well, it was because we were in search for stocks that give a buy signal and the readers could probably book good profits.
MotherSon Sumi Systems
One such stock is Motherson Sumi Systems, a joint venture company producing electrical components, wiring harnesses, rearview mirrors, and other car components. The stock has always been a promising one and here is our analysis on it:
Daily Chart
According to the daily and the weekly charts, it can be seen that Rs 90-91 is the resistance zone for the stock, and it has witnessed a perfect breakout with heavy buy volumes. Moreover, the RSI (Relative Strength Index) is very strong and above 63.
Weekly Chart
The weekly chart of Motherson Sumi has an RSI of 48, giving an indication of a surge in prices. Hence, we are expecting that the stock will break the trendline tomorrow i.e. Friday 29 May.
Trading Pattern
Buy after the trendline breaks out at Rs 94-95 levels
Hero MotoCorp
Another lucrative but costly stock is, Hero MotoCorp India has always been India's favorite in the two-wheeler vehicle market segment. Today was the day for the automobile segment and the market may further be in favor of Hero Motocorp. Here is our analysis on it.
Daily Chart
On studying the Hero MotoCorp daily and weekly charts, Rs 2222 - Rs 2262 has been the resistance zone for the stock. While, the closing price as on Thursday 28 May was Rs 2288. There has been a sudden jump in the volumes as well with a strong RSI of 63 indicating a breakout tomorrow.
Weekly Chart
The weekly chart has an RSI of 53 which also shows the strength of a surge in price.
Stay tuned for more updates!
RSI - The relative strength index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.
Google Drive links for charts
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