Sumeet Bagadia's stock picks for Monday — Mahindra And Mahindra, Asian Paints, HCL Tech | Target, SL, market outlook
Mahindra & Mahindra secured new business.
· LiveMint Markets
Stock market outlook: Nifty 50 is likely to retain a Sideways to Bearish bias, with immediate support placed at 22,900–23,000 and resistance at 23,300–23,370, believes Sumeet…
The analysis
Against that, the stock is -1.7% on the day at ₹2,751.60, and has returned -11.2% over three months. It sits 28% below its 52-week high, which means a good deal of bad news was already in the price. The auto sector has moved -4.1% over the same period, so Mahindra & Mahindra is running 7.1 points behind its peers.
With Mahindra & Mahindra, Asian Paints and HCL Technologies all implicated, this reads as a Auto-level move rather than a company-specific one, which is the more durable kind of signal.
Market context
- It touches several names at once (M&M, ASIANPAINT, HCLTECH), which points to a sector-level rather than company-specific driver.
- Sector exposure: Auto, Cement & Construction, IT.
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