I am holding M&M at Rs 1433. Please suggest w hat to do now.
HOLD M&M WITH A STOP LOSS OF RS 1377
M&M is currently trading at Rs 1415. Its 52-week high/low stand at Rs 1459.50/1141.80 made on June 12, 2017 and December 2, 2016, respectively. Considering the daily time frame, the stock witnessed a breakout of a downward sloping trendline at Rs 1390 on November 10 and thereafter it surged consecutively for three sessions. The stock has formed a Doji on the third day with huge volumes and reversal in the 14-period RSI after hitting near overbought zone. The stock confirmed Doji on November 15 call. This can be considered as a pullback, whereby the stock may correct up to Rs 1386-1377 levels. Hence, we suggest you to hold the stock unless Rs 1377 is breached on the downside.