Buy M&M; target of Rs 1060: India Infoline

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India Infoline has recommended buy rating on Mahindra & Mahindra with a target of Rs 1060, in its November 10, 2009 research report.

"On Monday, Mahindra & Mahindra gave a bullish breakout by bouncing off sharply from its 50dma of Rs865. The immediate reaction took the stock towards the levels of Rs980. Since the second week of August, the stock has been moving in a channel were support was seen at Rs760 and resistance at Rs980. Monday's 3% upmove took the stock out from the above mentioned trading range. Other momentum oscillators are showing a positive build up. Based on above technical analysis, we recommend traders to buy the stock at current levels or up to the levels of Rs 1020 for an initial target of Rs 1060. It is advisable to maintain a stop loss of Rs 979 on all the long positions," says India Infoline research report.

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