Moneycontrol
Last Updated : Jan 14, 2019 11:32 AM IST | Source: Moneycontrol.com

Buy M&M with target Rs 775-790: Aditya Agarwal

On the weekly and monthly chart, the stock has strong trendline support around Rs 700-710 levels and from those levels, the stock is witnessing delivery based buying.

Moneycontrol Contributor @moneycontrolcom
 
 
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Aditya Agarwal

After correcting sharply from its recent high of around Rs 815, M&M took a sharp reversal on back of monthly sales number and nosedived sharply.

Subsequently, the selling pressure exhausted near the Rs 715-710 zones which coincided with the multiple support zone.

On the weekly and monthly chart, the stock has strong trendline support around Rs 700-710 levels and from those levels, the stock is witnessing delivery based buying.

In the short term, we expect a bounce back in M&M and therefore we recommend traders to buy the stock around Rs 730 levels with a price target of Rs 775/790.

Disclaimer: 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.
First Published on Jan 14, 2019 11:32 am
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