Big Movers on D-St: What should investors do with M&M, TVS Motor and MRPL?

Indian market closed in the green for the fourth consecutive day on Tuesday. The S&P BSE Sensex and the Nifty50 recouped losses to settle flat with marginal gains.

Sectorally, buying was seen in oil & gas, energy, metals, auto, and public sector while selling was seen in consumer durables, telecom, finance, and banking stocks.

M&M hit a fresh 52-week high and closed with gains of nearly 3 per cent, TVS Motor Company also hit a 52-week high on the NSE, and MRPL gained nearly 10 per cent on Tuesday.

Here's what Atish Matlawala, Sr Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:

M&M: Buy on dips
From the lows of Rs 671 in March 2022, the stock gave a sharp upside rally to make an all-time high of Rs 1121 in June 2022. Volumes were quite high during this period, also we have seen the stock make Higher Tops Higher Bottoms pattern.

The stock is moving above major averages which is a good sign for a further bull run. It is currently in an upward moving Parallel Channel and can face resistance at the upper moving Trend Line at Rs 1150-1175 odd levels.

From resistance of Rs 1150, we can see some sell-off towards Rs 1050-1075 odd levels. At the current level, we would not suggest a fresh entry and will wait for some dips till Rs 1050 odd levels.


A stop-loss can be placed below Rs 950 on a closing basis and upside we can see levels of Rs 1250-1300.

TVS Motors: Book Profits| Buy on dips
After making a low of around Rs 513 in March 2020, the stock witnessed a sharp pull-off to make an all-time high of Rs 820 in June 2022.

The stock has given a 307-point upside rally within 4 months. It has been making a Higher Top Higher Bottom Pattern. In the last 6-8 days, the stock has taken support of 20-DMA placed around Rs 735.

It has given a sharp upside rally till Rs 820 odd levels with relatively higher volumes that could take it towards Rs 835-850 odd levels in the near term.

One can book some profit around that level. At the current level, we would not suggest fresh entry and will wait for some dips till Rs 750 odd levels.

Hence, we recommend investors to wait at the current level and enter on dips to Rs 750 with a stop loss of Rs 690 on a closing basis. On the upside, we could see levels of Rs 900-980 in the next 3 to 6 months.

MRPL: Buy
On a longer-term chart from November 2021 to April 2022, the price has moved in a range of Rs 38-56 odd levels. Once it breached the consolidation phase, the price gave a sharp upside rally to make a 4-years high of Rs 127.65 level in June 2022.

Volumes were quite high during this period. From a high of Rs 127.65, the price witnessed some selloff as it retraced almost 60% of the previous rally to make a low around Rs 75.7 odd level.

In the last two weeks, the price has taken support of the upward moving trend line at every lower level and with relatively higher volume price gave some upward move and closing above 50 DMA we can see further upside till Rs 110-125 odd levels.

Hence, we recommend buying at this level and more at dips of Rs 80 with a stop loss of Rs 70 on a closing basis, and on the upside, we can see the level of Rs 110-125 in the next 6-8 months.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)