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Vinay Rajani of HDFC Securities is positive on M&M, Timken India; check why

M&M closed with a bullish engulfing pattern on the daily chart with a jump in volumes

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Vinay Rajani Mumbai
Nifty broke two sessions' losing streak by rising more than 80 points on Tuesday. The index made a low at 17,345, which happens to be 23.6 per cent Fibonacci retracement of the entire rise seen from 15,183 to 17,992. The Nifty index also found support on its 21-day EMA (exponential moving average) and reversed north.

Meanwhile, the Nifty Bank index closed with a bullish engulfing pattern on the daily chart, which indicates bullish trend reversal after running correction. The Nifty should be held long with a stoploss of 17,400.

Stock picks:
Buy M&M (Rs 1,273) | Targets: Rs

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First Published: Aug 24 2022 | 8:08 AM IST

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