According to IIFL, traders can sell Mahindra and Mahindra (M&M) April Futures below Rs 687 with SL of Rs 700 for target of Rs 660, in its April 17, 2012 research report.
“Mahindra and Mahindra (M&M) has corrected sharply from the recent peak of Rs769 in February 2012 to the present levels. In last month, every recovery attempt by the stock has faced stiff resistance around its 100-DMA. On Monday, the stock fell below the short-term trendline and also closed below its short term moving average. The daily RSI is already in sell mode suggesting build-up of momentum on the downside. Based on above events, we recommend traders to sell M&M April Futures below Rs 687 with SL of Rs 700 for target of Rs 660,” says IIFL research report. FIIs holding more than 30% in Indian cos Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment
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