M&M may slip to Rs 1010-1025, says Jai Bala

Jai Bala, Head-Technical & Cross Asset Strategy of 1857 Advisors told CNBC-TV18, "If you look at the auto sector, it is showing signs of considerable amount of correction coming through in the next week or so, so if you look at something like Mahindra and Mahindra, it has clocked a lower high in the last week. It is heading towards somewhere close to Rs 1,025-1,010. So, if you can place a stoploss above Rs 1,350 for Mahindra and Mahindra, I think it is a good trading in opportunity for this price objective of Rs 1,020."He further added, "On a long side, if you look at something like Hindustan Unilever (HUL), we want to see it close above Rs 840. If it closes above Rs 840 in the next week, I think it is going to pick up considerable amount of steam on the upside and it is going to be the main stock that is going to take the lead for the overall market. We want to see the stock close above Rs 840 on a closing basis."