The stock has formed a decent base near 102 levels, almost making a double bottom pattern, and has currently given a spurt to indicate strength. The improved bias suggests for further upside movement in the coming days. The RSI has also indicated a trend reversal to signal a buy and with the chart looking attractive. We suggest to buy and accumulate the stock for an upside target of Rs 130-135, keeping the stop loss near Rs 100 levels.
BUY M&M | CMP: Rs 625.15 | Target: Rs 680 | Stop Loss: Rs 585
The stock has recently corrected, taking support near 590 levels. It has witnessed momentum pick-up to improve the bias with positive bullish candle pattern, hinting at further upside move in the coming days. The RSI indicator also has shown a trend reversal to make the chart look attractive. We suggest to buy and accumulate this stock for an upside target of Rs 680, keeping the stop loss of Rs 585.
Disclaimer: The author is an analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.