May 02, 2017
M&M (NSE Cash)
BUY
` 1280
` 1335 - 1327
` 1430
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 09.40 IST)
Justification:
As seen in the above exhibit, the prices had given a breakout from the falling trendline resistance during last week,
supported by good volumes. In last couple of trading sessions, the prices have retraced marginally and are currently
trading near the breakout level. The ‘RSI’ oscillator on the daily as well as the weekly charts is indicating positive
momentum and hence, we are expecting an upmove in the stock in neat term. Considering the positive placement of
moving averages along with above mentioned technical evidences, we are expecting resumption of the longer term
uptrend in the counter. Thus, we advise traders to buy this stock at current levels to a decline up to `1327 for a
target of `1430 over the next 14 - 21 sessions. The stop loss should be fixed at `1280.
Ruchit Jain
022-3935 7600 Extn: 6554
[email protected]
1
May 02, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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