Stock of the week - Buy Mahindra & Mahindra Ltd For Target Rs. 1087 By GEPL Capital
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Observation
* M&M has been moving in a strong uptrend since March 2020 as it maintains the higher highs and higher lows formation.
* For past 1 Year the stock is moving in a range between 730-980. We can witness a volume pick up at every rise in a stock price which shows bullish undertone of the stock.
* The stock is showing relative outperformance as it trades just 4% lower from the life highs whereas Nifty is lower by about 12%. The stock has formed a long Bullish candle in the current week and broken above the previous swing high level.
* On the indicator front the RSI indicator plotted on weekly has given a breakout indicating bullish momentum in the counter.
Inference & Expectations
* M&M is showing relative outperformance.
* Going ahead we expect the stock to move higher towards 1100 level.
* 850 level will act as a major support on the downside.
Buy Mahindra & Mahindra Ltd : CMP: Rs 952 Target: Rs 1087 (14%) SL: Rs 850
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