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.
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