M & M is poised to zoom upwards

Scrip at Rs 1287, a largecap auto company, market leader in SUVs and tractors, very low debt in its books of account, has now reared its head up with good volume breakout last few weeks. It has consolidated above 20W EMA , after taking support at 200W EMA , all other EMAs are about to converge which in itself is a strong bullish signal.
Fundamentally, with fairly good to average monsoon in the offing, sales of tractors and SUVs is bound to pickup strongly. It has disposed off its BS-3 vehicles and will now offer BS-4 vehicles as necessitated by the authorities for auto companies.
Buy for a target of Rs 1500+, with a stoploss of Rs 1200 or so.


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