Take a look at the chart. it's walking along the support. The only problem I see is the strong resistance at 80-82 levels, once there's a breakout, we can easily see a good upward movement. The company financials also look promising and are supporting the uptrend.
463 is a new support, but since it was a sudden gap up we can expect a gap-filling and hence a downtrend is expected. The RSI reached 90s level and hence overbought zones and it sustained for many trading sessions in a row; the correction was long due.
But post-correction the uptrend can be expected to continue. Bollinger bands are supportive.
Motherson Sumi: Financials are good. 12Nov is the next earnings date, we can expect a bull run until then, based on anticipation of good results. Apart from that, technically 257 is strong resistance, before the breakout, we can expect the price to linger around 250-257 levels, post-breakout we can even expect 268 as a target.
