Buy MM on dips; target Rs 957-960, says Thukral

Written By Unknown on Senin, 18 Maret 2013 | 18.00

One can buy Mahindra and Mahindra (M&M) on dips for a target price of Rs 957-960, says Hemant Thukral of Aditya Birla Money.

Thukral told CNBC-TV18, "Among all the auto stocks, Mahindra and Mahindra (M&M) is showing an exceptional behaviour in two terms. One is that the fresh OI being added up on the long side. Secondly, the way the stock behaved, it went up on Friday, rebounded very strongly from Rs 905-910 on the back of very big cash volumes and delivery based buying along with OI adding up, clearly telling that it is looking that will outperform all its peers like Tata Motors or Maruti Suzuki India . So, I feel that one should go ahead, traders will get a dip today and one should buy in this dip."

He further added, "For M&M, you have to keep a stop loss on Rs 905, where it has found number of times supports now and immediate target that I see in M&M is around Rs 957-960. I feel it will outperform all other peers, the way the OI is being added up."



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