M&M Financial may head towards Rs 220: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "If you look at the charts of M&M Financial Services, it has been in a strong downtrend, it is trading below the short-term averages. So the chances are that the downtrend that started at Rs 250-270 levels, is still there in the motion. There might be some amount of bounce back looking at the kind of movement in Nifty but then again it has broken the long-term support levels at Rs 230-240 and that too with incremental volumes. The momentum indicators are still in a downtrend.""I feel that there is a chance that it may head towards Rs 220, even below those levels. If you assign a probability of hitting the stop losses, I would say, there are 20-25 percent chance of it hitting and looking at the market scenario, I feel that would be a decent risk reward ratio. You can have a Rs 5 stop loss around Rs 237 and play for targets of around Rs 220, it can even fall below that," he said.