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MAHINDRA & MAHINDRA LIMITED

TECHNICAL RATIONALE – M&M has been gradually inching higher for the last 3 months, after retesting the lower band of
the broadening formation. It has formed a fresh buying pivot while holding above the support zone of short term moving
average i.e. 20 EMA and looks set to retest the upper band of the pattern and even surpass the same. We thus recommend
creating longs in the given range.

V-GUARD INDUSTRIES LIMITED

TECHNICAL RATIONALE – V-Guard has been trading in a broader consolidation range of 160-270 for the last six years. It has
formed higher highs in the last two instance of corrective move and currently trading around the record high. Indications are
in the favor of a breakout soon.

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