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Published on 25/06/2019 4:42:28 PM | Source: Choice Broking Pvt Ltd

Buy Mahindra & Mahindra Ltd For The Target Rs.675 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Mahindra and Mahindra Ltd #Auto Sector #Trading Report #Choice Broking

 

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* On a daily chart, the stock has formed a Bullish Harami Candlestick which is a Bullish Reversal formation and indicates a reversal move in the counter.

* Moreover, the stock has started to trade above its 21 Days Moving Average which is placed at 637.25 level which shows a positive rhythm for the time being.

* Even on an hourly chart, the stock has started to trade above it's 200 Hourly Moving Average which is placed at 641 which suggests a northward movement in the counter.

* A daily momentum indicator RSI reading is at 51.70 level with a positive crossover which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

Recommendation

Buy Mahindra & Mahindra Ltd @ 636.55 Target 675 Stoploss 617

 

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