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The recent rally pushed the stock to a fresh 52-week high of Rs 445 recorded on 17th July 2023. It has rallied more than 10% in a week, and over 60% in the last 3 months. The stock also gave a breakout from a Flag pattern on the weekly charts which has opened room for the stock to head towards 500 levels, suggest experts.
The stock rose from Rs 100 as on 13th April 2023 to Rs 127 recorded on 14th July 2023 which translates into an upside of about 27%. The momentum helped the stock to hit a record high of Rs 128.80 on 13th July.
Experts suggest that UNO Minda, a part of the auto component sector, has broken out from a symmetrical triangle pattern on the weekly charts, leaving room for the stock to hit fresh record highs in the next three months. Short to medium-term traders may want to purchase the stock now, or on minor dips, with a target of Rs 690, they say.
The stock closed at Rs 111 on 12th July 2023, and also managed to close above the 50-DMA which is the short-term moving average. The Supertrend indicator also triggered a buy on the daily charts.
However, experts are of the view that as long as the stock holds above the neckline of the rounding bottom breakout placed at around Rs 197 level, bulls should be able to take control.