Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Investors with a short-term perspective can buy the stock of Mahindra & Mahindra Financial Services at current levels. On Thursday, the stock jumped 6.8 per cent conclusively breaking above a key medium-term resistance at ₹180. After a sharp fall in March this year, the stock found support at around ₹128 in early April. Thereafter, the stock started to consolidate sideways in the wide band between ₹128 and ₹180. The stock’s recent rally has decisively breached the upper boundary as well as the key resistance at ₹180. In early June, the stock had breached its 21- and 50-day moving averages and trades well above them. There has been an increase in daily volume over the past two months. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is displaying positive divergence backing the stock’s trend reversal. The weekly RSI has entered the neutral region from the bearish zone. The daily and weekly price rate of change indicators are featuring in the positive territory implying buying interest. The short-term outlook is bullish for the stock. It has potential to trend upwards and reach the price targets of ₹193 and ₹197 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹180.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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