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Jul 12, 2013 05:09 PM IST | Source: CNBC-TV18

Sell Mahindra and Mahindra on rally: Aditya Agarwal

Aditya Agarwal of way2wealth is of the opinion that one may sell Mahindra and Mahindra (M&M) if it bounces back to Rs 900-905 levels.

Aditya Agarwal of way2wealth told CNBC-TV18, "There is some more weakness in Mahindra and Mahindra (M&M). On the lower side the stock may test Rs 875-860 levels in the next couple of days. If one sees long-term charts, M&M has already broken its crucial support area of Rs 920 in Monday and Tuesday trading session. The stock is continuously trading below that. We are seeing some short position getting build up in M&M. Today the stock has added almost six percent shares in open interest which are again on short side."

"If there is any bounce back also and the stock comes in the range of Rs 900 and Rs 905 also then it will be a good time one can again go short in M&M. Stop loss on higher side will be Rs 913 and on lower side target will be Rs 875 to Rs 860," he said.

Also Read: M&M USA to set up tractor assembly, distribution centre

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