Todays Pick

Mahindra & Mahindra (₹878.15): BUY

Gurumurthy K BL Research Bureau | Updated on October 08, 2021

The company said its revenues and profits will be impacted


The upmove that has been in place since mid-September in the stock of Mahindra & Mahindra is gaining momentum. The stock has surged 5.32 per cent on Thursday. The short-term outlook is bullish. The 21-day moving average has crossed above the 100-day moving average. This strengthens the case for the current upmove to extend further.

Immediate support is at ₹850 and the next one is at ₹830. Dips to these supports are likely to see fresh buyers coming in. The stock can rise to ₹935–₹940 in the coming days. A break above ₹940 can take the stock further up to ₹1,000 thereafter.

Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹855 and ₹840. Stop-loss can be placed at ₹825 for the target of ₹980. Trail the stop-loss up to ₹895 as soon as the stock moves up to ₹915. Move the stop-loss up to ₹925 as soon as the stock touches ₹940 and further up to ₹945 when the stock moves up to ₹965.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on October 08, 2021

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