Technical analyst Hitesh Chothalia is of the view that investors can buy Mahindra & Mahindra Ltd stock for short term target of Rs 550.

According to Chothalia, the investors will buy the stock at current levels with a stop loss of Rs 516.

Today, the shares of the company opened at Rs 530 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 598.35 and a low of Rs 248 on BSE.

Current EPS & P/E ratio stood at 33.08 and 16.16 respectively.

Auto major M&M reported a 13.21% growth in its total automotive sales during April at 26,043 units as against 23,004 units in the corresponding period of 2009.

Domestic sales in April were 25,037 units as compared to 22,617 units in 2009, up 10.70%.

Exports during April stood at 856 units as against 387 units in April 2009.

But, sales of utility vehicles saw a decline of 2.43% at 17,998 units in April 2010.

Three-wheelers sales zoomed by 97.71%to 5,876 units as against 2,972 units in April 2009.

The sales of light commercial vehicles surged 32.72% to 860 units in April 2010.

Mahindra-Renault's sedan 'Logan' registered 44.91% fall in sales at 303 units in April 2010 as against 550 units in April 2009.