Motherson Sumi Systems Ltd

NSE :MOTHERSUMI   BSE :517334  Sector : Auto Ancillaries

On Thursday, June 03, 2021, Motherson Sumi Systems Limited corrected 6.89% and closed at 250.55 on NSE. The stock ended the day around an intraday low of 249.05. The company posted FY21 Q4 results on Tuesday, June 02, 2021, after which stock rallied 13%. We mentioned in the article that Motherson Sumi was trading in Upward Slopping Channel and has touched the upper trend line of the channel, which will act as the resistance and stock will see a correction, and the same happened.

Read Yesterday’s (June 03, 2021) Prediction of MOTHERSUMI

On June 03, 2021, we already mentioned that 272.85, i.e. Yesterday’s high, would act as resistance for the stock, and stock can correct from here, and the same happened. Stock on Thursday corrected 6.89% and touched the mentioned target of 250 like a dot.

What’s Ahead? Technical Outlook of MOTHERSUMI:

Stock is trading in an “upward sloping channel” pattern, and yesterday, it witnessed the resistance at 272.85; the immediate support zone for the stock is 247- 249. We may see some bounce back in the stock, which provides trading opportunities for swing traders and intraday traders. We recommend going long on the stock with a stop loss place below 246 for the targets of 258- 262. If the stock drags below 246 and sustains below it for 15-20 mins in tomorrow’s (Friday’s) trading session, we may see further weakness in the stock. In short, below 246 levels, the stock may provide selling opportunities. This will provide an opportunity to stop and reverse the long position and go short for the target of 240 with a stop loss of 249.

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