Buy M&M March 680 call option at Rs 15
Stop loss of Rs 11
Target Rs 23
- A long build-up is seen in the M&M Futures’ during the March series till now where we have seen a sharp rise in Open Interest with M&M rising by 4 per cent.
- The stock gave a bullish breakout on the daily chart yesterday by closing above the resistance level of 665 with higher volumes to close at a one-month high.
- M&M stock formed double bottom around 615 levels last month and reversed northwards, indicating a bullish trend reversal.
- The stock is trading above its 5 and 20 day SMA, indicating a positive trend for the short to medium term.
- Momentum Indicators and Oscillators like RSI and MACD are showing strength in the stock.