February 19, 2016
M&M (NSE Cash)
BUY
`1179
` 1234 - 1228
` 1345
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:15 IST)
Justification:
The stock is moving in a broader range of `1090 - `1400 from last twenty months and recently bounced from
the lower end of the same. From last few sessions, the stock is struggling to move above resistance of ‘Super
Trend’ (`1235), which also coincides with ’89 EMA’ in the daily chart. Today, looking at the ongoing
momentum, we are anticipating a breakout from the consolidation phase. The ‘RSI - smoothened’ oscillator is
also showing positive divergence and moving higher in daily chart, indicating strength in the counter.
Considering overall chart structure, we are expecting a healthy up move in the counter. Thus, we advise traders
to buy this stock from current level to a decline to ` 1228 for a target of ` 1345 in coming 14 to 21 trading
sessions. The stop loss for this trade set up can be kept at ` 1179.
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February 19, 2016
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Target Achieved
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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