Stock of the day : Buy Mahindra and Mahindra Ltd For Target Rs.52 - Religare Broking Ltd
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Mahindra and Mahindra Ltd
* After a five months of steady up move, M&M is now showing sign of distribution.
* Its has given a breakdown from bearish Head & Shoulder pattern and its short term moving averages.
* Price pattern combined with positioning of the momentum indicator suggests bearish tone to extend further.
* We thus recommend creating shorts through the Put option.
BUY NOV 1500 PE Mahindra and Mahindra Ltd CMP 34.35; Range 33-35; SL 24; Target 52
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