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Sell M&M; target of Rs 955: IndiaInfoline
IndiaInfoline is bearish on Mahindra & Mahindra, M&M and has recommended sell rating on the stock with a target of Rs 955, in its February 24, 2010 research report.
IndiaInfoline is bearish on Mahindra & Mahindra , M&M and has recommended sell rating on the stock with a target of Rs 955, in its February 24, 2010 research report.
"On the Weekly chart, Mahindra & Mahindra has been under pressure for the past seven weeks. M&M has also broken its long term trend line on the weekly chart which it managed to hold on to for the past one year. On the daily charts, the stock looks to be forming a lower top lower bottom pattern, which signals further downside in the coming days. In addition offloading in the stock in the past few days was accompanied with rising volumes. Given the above technical evidence, we recommend traders to sell the stock between the levels of Rs 980-985 with a stop loss of Rs 994 for a target of Rs 955."says IndiaInfoline research report.
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