Web Exclusive
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.

BUY MAHINDRA & MAHINDRA LTD | TARGET: Rs 870 | STOP LOSS: Rs 760

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.




Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel