Buy M&M; target of Rs 735: IIFL

IIFL is bullish on Mahindra and Mahindra (M&M) and has recommended buy rating on the stock with a target of Rs 735 in its May 9, 2011 research report.

Mahindra and Mahindra (M&M) has signaled reversal from the short-term down trend after formation of bullish piercing line on Friday. It gave a close above the piercing line and also above its 100-DMA and 200-DMA confirming positive formation. The RSI is also trading with positive bias accompanied with positive crossover which supports buying argument in the counter. We advise buying the stock above Rs 715 with stop loss of Rs 707 for target of Rs 735,

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