Mahindra & Mahindra Limited – M&M
- The stock witnessed the steep fall in September from its all-time high and was seen trading within the consolidation range of 805 – 695 levels for past 2 months
- On the weekly chart, this stock is consistently scaling up for the past 3 weeks despite testing new 52-week low and now settled nearer to its resistance zone.
- The momentum indicator RSI was moving upward to new highs while the price action was seen testing new low. This condition in the stock suggests there is positive divergence and also indicates the strength of the stock.
- The Price action, oscillators and the recent development in the stock suggests that the stock is well placed to breach the resistance zone.
- Hence, the stock is expected to outperform if the stock breach the resistance zone and move past the 815 level.
- The major Support for the stock is placed at 695 level and Resistance is placed at 955 level.