Buy above: Rs 860
Objective: Rs 920
Stop Loss: Rs 830
Since the last trading sessions, the stock has made several attempts to break through the resistance of the 200-day SMA.
At this point, it is about to break a downtrend line. The weekly ADX indicator (14) suggests further momentum once the stock confirms this breakout. Thus, we advise traders to buy the stock above Rs 860 for a target of Rs 920 in the next sessions.
Mahindra and Mahindra
Sell near: Rs 1,300
Objective: Rs 1,220
Stop Loss: Rs 1,340
Recently, the stock confirmed a major break of the uptrend line on the daily scale. This breakout was then followed by a pullback. The pattern is still intact and the momentum oscillators are placed negatively.
Thus, we advise traders to sell the title near Rs 1,300 for a target of Rs 1,220 in the coming sessions.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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