July 18, 2016
M&M Ltd (NSE Cash)
BUY
` 1422
` 1474 - 1468
` 1568
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time: 09:30 IST)
Justification:
The stock was moving in a broader range of `1440 - `1090 from last two years. Last month, the stock has
given breakout from the mentioned consolidation phase and manged to post weekly close above the same.
These types of breakouts are generally considered as a strong sign for a bulls run. While on daily chart, the
stock has formed a ‘Bullish Flag’ and currently in verge of breakout. The ‘RSI - smoothened’ oscillator has also
come out from its range on weekly chart, indicating strength in the counter. Considering the positive placement
of moving averages along with above technical evidences, we are expecting continuation in up move in the
stock. Thus, traders are advised to buy the stock at current levels and on declines upto `1468 for a target of
`1568. The stop loss for the trade set-up can be kept at `1422.
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July 18, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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