M&M is in a strong uptrend, stock has been an out-performer and also better stock from auto sector. Stock has approached at resistance of 875 as this was the level where stock has previously found resistance. So my trading idea is to short sell M&M when it trades at 875 level for a positional target as 825 and then 810 level. Stop loss for this trade will be above 890 on daily closing basis.
Even the extension level is around 875 zone so this level will be a major resistance for M&M in next few trading sessions. Article published on 4 October 2012.