Motherson Sumi Wiring : waiting for Rectangular box breakout !!

Apr 22, 2023

Motherson Sumi Wiring India Limited is a leading and fast-growing full-system solutions provider to OEMs, in the wiring harness segment in India with a market cap of Rs. 22,000.00 . The stock is currently in a range and on strong support @ 50.45 . Aggressive traders may take entry at CMP @ 49.90 as the stop loss is very low. Safe Trader , enter the trade after retesting of the support after break out of the rectangular box @ 51.55 for targets 53.95 , 59.50 and 63.25 with stop loss @ 48.50. Thus the Risk Reward Ratio is ranging from 2.89 to 9.53 .

Company's Fundamentals are very strong. Promoter's holding is 61.75% and MF holdings is 15.32 % which is a good percentage and a sign of confidence in this stock. We see a trend reversal in the stock from the strong supply zone before coming in a range box as shown in the graph.

Entry @ CMP ( for aggressive )
For safe traders : Break out of the box and re-testing of breakout ,
Targets 53.95 , 59.50 , 63.25
STOP LOSS : 48.50

Please remember, this study is only for education purpose. Please do your own analysis and trade at your own risk. Do not forget to Boost my study , if you agree with my idea.