3M India Limited was listed on 7 February 1995 on NSE, the stock price was then about Rs.165 per share. Since then the stocks of this company has given extraordinary returns. Now the stock trades at Rs.3950 per share, this stock has been an out performer in all type of market conditions. Also the company is fundamentally sound, when we look at the technical levels we see the stock trade above the all major moving averages. 200 SMA, 50 SMA and 20 SMA, also the technical indicators like CCI is showing the continuation of the current up trend. In this stock we will be looking for only buying opportunities as the uptrend continues. So our recommendation is to accumulate this stock above the 3850 levels for short term target as 4303 and 4545. Placing the stop loss below 3700 level. So we have fundamentally and technically strong company that will continue its long term growth.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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