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M&M is trading at a resistance, Short sell opportunity exists

By Bhaveek Patel Leave a Comment

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.

M&M stock resistance on daily chart

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.

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Category: Short Term Stocks Tags: Short Sell/ Strong Resistance

About Bhaveek Patel

Bhaveek 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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