Update on M&M (CMP Rs 691):-
This is an update to previous posting on MAHINDRA & MAHINDRA (http://tanmaygopal.blogspot.com/2009/06/mahindra-mahindra-cmp-rs-755-book-value.html)
M&M is near our previous target of Rs 640-650 but now it has broken the up-channel and also forming a bearish H&S pattern. Sustained move below Rs 670 will indicate more weakness and the stock may test even Rs 550-560 levels after breakdown. Only break of Rs 740-750 on consistent basis will negate this view.