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BSE, M&M flash bullish signals on tech charts; stay long: Osho Krishan

M&M has witnessed a sloping trend-line breakout
BUY BSE LTD | TARGET: Rs 1,450 | STOP LOSS: Rs 1,130

BSE has seen a trend-line breakout in the last trading session on the back of robust volumes. And even the counter is in the cycle of "higher highs, higher lows", indicating immense inherent strength. On the daily time frame, the stock is on the verge of providing an ‘Inverted Head & Shoulder’ pattern breakout affirming the bullishness. Meanwhile, the stock is comfortably hovering above all the major exponential moving averages that make it a lucrative counter in the coming future.


M&M has witnessed a sloping trend-line breakout on the daily time frame post long consolidation near to its 200 DEMA. The breakout has been accompanied by an increase in average traded volumes indicating strong demand in the counter at lower levels. At present, the stock has witnessed a strong resurgence from the lower level and has tested the previous consolidation zone. Looking at the current momentum, the stock look strongly poised to test the previous swing highs in a short-term period.


Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.

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