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

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like