Buy M&M Financial Services, target Rs 535: Hadrien Mendonca

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Hadrien Mendonca

M&M Financial Services has been in a declining phase for the past eight weeks and has finally broken out from a Symmetrical Triangle pattern on the daily chart.

The breakout has also been accompanied with a smart uptick in traded volumes. Relative strength index (RSI) indicates a positive crossover which further accentuates our bullish stance on the stock.

We expect, M&M Finance to move higher towards its potential target of Rs 535 which translates into a 9 percent returns.

Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.