M&M

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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.

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