Buy Mahindra & Mahindra, target Rs 802: Sharekhan
ETMarkets.com|
Mar 06, 2018, 08.05 AM IST
Sharekhan has a buy call on Mahindra & Mahindra with a target price of Rs 802.
The current market price of Mahindra & Mahindra is Rs 738.95.
Time period given by the brokerage firm is one month when Mahindra & Mahindra price can reach defined target.
Sharekhan recommended to keep a stop loss at Rs 718.
Mahindra & Mahindra, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 91,865.71 Crore) operating in Auto sector.
"The stock witnessed a three wave correction on the daily chart, which got over near 700 mark. The weekly chart shows that the selling pressure was absorbed near the key weekly moving averages from where the next leg up has begun. Over last couple of sessions, the stock has formed a bullish Flag pattern on the hourly chart & has broken out on the upside in the last session," Sharekhan said in a report.
The current market price of Mahindra & Mahindra is Rs 738.95.
Time period given by the brokerage firm is one month when Mahindra & Mahindra price can reach defined target.
Sharekhan recommended to keep a stop loss at Rs 718.
Mahindra & Mahindra, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 91,865.71 Crore) operating in Auto sector.
"The stock witnessed a three wave correction on the daily chart, which got over near 700 mark. The weekly chart shows that the selling pressure was absorbed near the key weekly moving averages from where the next leg up has begun. Over last couple of sessions, the stock has formed a bullish Flag pattern on the hourly chart & has broken out on the upside in the last session," Sharekhan said in a report.
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