EV stock jumps after company announces its Q1 FY26 results
Stocktwits - Usha Martin’s stock recently broke out of a downward-sloping trendline near ₹320 and surpassed the upper boundary of a symmetrical triangle pattern around ₹332, a technical signal indicating a potential breakout, according to SEBI-registered analyst Akhilesh Jat.
At the time of writing, the stock was up 2% at ₹337.1, which is above its 50-day and 100-day exponential moving averages (DEMA), reflecting growing bullish momentum.
The potential breakout is supported by a noticeable increase in trading volumes and the relative strength index (RSI) being close to 65, suggesting renewed buying interest, Jat noted.
He sees immediate resistance at ₹340, and a decisive close above this level could trigger the next leg of the rally, targeting the ₹390–₹415 zone in the short term, implying an upside potential of 22%. On the downside, the nearest support is seen at ₹314, followed by ₹300 and ₹285.
The current chart structure indicates a shift from consolidation to an emerging uptrend, he added.
As long as the stock holds above ₹302, the breakout remains valid. A sustained move above ₹340 could signal further accumulation and upward momentum, presenting a promising breakout-based opportunity for positional traders, Jat said.
The wire ropes maker posted a 5% fall in consolidated March-quarter net profit due to higher expenses. However, its total income rose to ₹919.73 crores from ₹838.52 crores.
Investor sentiment on Stocktwits shifted from ‘neutral’ to ‘bullish’ a day ago.
USHAMART’s Sentiment Meter And Message Volumes At 11:08 a.m. IST On June 25 | Source: StocktwitsShares of the company have shed over 10% year-to-date.
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