M&M .. 5% corrective rally likely

The broader Nifty and Sensex fell today in line with other world markets. The sentiment seems to continue on the negative side. The Nifty has today (Thursday) closed at it's weekly PIVOT level of 4505.

On Nifty rising above 4528 tomorrow , expect a corrective rise to 4570-75. In case of such a corrective rise, you may track a relative outperforming stock - M & M



Mahindra and Mahindra is one of the few selected stocks which went up today even as the Sensex fell by 300+ points.

A corrective rise to 615-620 levels is likely. - There is also the retracement level resistance and a falling trendline resistance at that level. Keep a stop near Rs 560.

Happy 'scalping'!!
(I presume one cannot aim for more than scalping in this sideway market!)

CA Rajiv D Khatlawala