Live Markets »News & Advice»Latest Advice»Latest Advice Details
Latest Advice Details
Back

Buy M&M for target of Rs 790: SMC Global

SI Reporter/New Delhi 08 Sep 12 | 10:10 AM

Nifty
Last close: 5342


Markets opened like a shining star with gap up of 70 points due to strong support from global markets and maintained that gap throughout the session. It was a broad based buying led by Realty which is surged by 2.8% followed by gains of 2.6% in metal and capital goods stocks. Auto and Banks also jumped up by over 2%. Charts already suggested that buying from past few days but the volatility couldn’t help the markets. 5350 should be considering as good resistance mark, once we get the closing above the same then only further upside can be expected. For next session, Nifty is likely to seek support around 5300-5270 and on the upside, may face hurdle around 5350-5380 for next session.

JPASSOCIATE (LONG)
Last close: Rs 67.95
Target: Rs 71

After giving a sharp correction from its recent highs of 79 levels and tested the level of 62. Then after, it was traded in range of 62-66 from past few sessions. On Friday stock has given the consolidation breakout with higher volume so we anticipate that the buying momentum can continue for coming session and reaches our desire target of 71 with SL of 66.

M&M (LONG)
Last close: Rs 763.80
Target: Rs 783-790


It is apparent from chart that the stock has given the sharp upside move from 680 to 790 levels in short period of time. Afterward it showed some healthy correction with positive bias to complete the pattern “Bull Flag" on daily chart which took around two months to form so the potential of rise is quite strong. On Friday, stock has given the pattern breakout with average volume and manages to close above the breakout level. Therefore, one can accumulate at current levels for the upside target of 783-790 with SL of 754.

TATASTEEL (LONG)
Last close: Rs 370.90
Target: Rs 380


Due to strong selling pressure, stock has melted down sharply from the 450 to 350 levels in single downward journey. Technically stock has formed the “Doji" candle tick formation after sharp correction which is consider to be reversal of stock. On Friday, stock has given a gap and maintained that gap throughout the session and closed near to high of the day with emergence of “marubozu" candlestick formation which indicates buying is more aggressive at current level. Hence, we have recommended this stock for the upside target of 380 with SL of 364.

 

Related Stories

    No Related Stories Found

Sensex

Company Price Gain (%)
Hero Motocorp3,115.954.03
Tata Motors519.453.54
Maruti Suzuki3,181.703.44
Bajaj Auto2,496.103.43
Cipla626.903.43

Poll

Will markets continue to scale record highs in Samvat 2071?


Online Portfolio

You can create Online Portfolio here using the below button.