SENSEX NIFTY
Jan 31, 2013, 01.02 PM IST | Source: Moneycontrol.com

Sell M&M, BHEL: GEPL Capital

GEPL Capital is bearish on M&M, BHEL and has recommended sell rating on the stocks in its January 31, 2013 research report.

GEPL Capital is bearish on M&M , BHEL and has recommended sell rating on the stocks in its January 31, 2013 research report.
 
Mahindra and Mahindra (M&M): The stock has reacted from the recent high of 974 forming an impulsive wave till the low of 851. It has also bounce back in past few sessions; however the recent upmove is a counter trend advance which may face severe resistance at present levels and higher up at 925. Once the bounce back matures in the coming few days, the stock may post a sharp sell off till at least the level of 803. We recommend investors to exit from pending long positions and a strategy to short sell the stock at present levels and on any further bounce till 925 for aggressive traders. The stop loss for this trade may be placed at 950 for a target objective of 803 in the coming month.
 
BHEL has been consolidating within a narrow range for the past few weeks. However the consolidation may likely be resolved on the downside once the stock registers a breakdown below 219. We recommend an exit from the short at present levels as it may present an opportunity to reenter at lower levels and a short sell near 220-223 range with a stop loss of 240 for a downside target of 201 over the course of next one month.

Bodies Corporate holding more than 50% in Indian cos

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