Buy Mahindra & Mahindra

Buy M&M market price 726, weekly target 747 - 769, Stoploss 717

Mahindra & Mahindra is a leading automobile company whose share had gone upto a high of Rs 874.75 in early November 2011, when the markets in general were nearing their peaks of the recent bullish phase. The share, after reaching this high joined the general downtrend and fell to a low of Rs 628.20 in early January 2012. From January onwards, the markets turned bullish and so did this scrip. It reached a high of Rs 766.85. However, after a sustained seven week long rally, the markets witnessed selling pressure in the following five weeks which pushed the share price as low as Rs. 650. However, the share backed by fundamental strength did not go below this level and managed to re-enter an upward trend that helped it move up gradually initially and swiftly lasly.