Reliance Research - R Long Short - Mahindra & Mahindra Financial Services : Directional Long

Mahindra & Mahindra Financial Services : Directional Long

- The stock has witnessed a good correction post its rights issue retracing 38% retracement of the previous move (75-150) levels.

- Crossover of its short and medium term averages on daily charts with strong volumes reinforces our positive stance.

- The sector is in positive momentum and RSI trading upwards from its average line gives an confirmation of a strong move.

- Therefore we recommend directional long position with the target of Rs.152 and stop loss of Rs.119 on closing basis.

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Shares of MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.130.75 as compared to the previous close of Rs. 129.95. The total number of shares traded during the day was 534676 in over 4934 trades.

The stock hit an intraday high of Rs. 132 and intraday low of 128.2. The net turnover during the day was Rs. 69693913.

Source : Equity Bulls

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