Trade Idea of The Day - Mahindra And Mahindra Ltd Target Rs.155- Religare Broking Ltd
Mahindra And Mahindra Ltd
BUY 26 MAY 3080 PUT Mahindra And Mahindra Ltd Entry Range 110-115 Target Range 155 Stop Loss 85
Rationale
* On the daily chart M&M faces rejection near its 20-DEMA, reflecting sustained selling pressure and lack of bullish strength. Recent pullbacks appear weak and are getting sold into, indicating continuation of the bearish momentum.
* Recent price action shows a pattern of lower highs and lower lows on the daily chart, reinforcing the negative structure. The inability to reclaim the 3150 zone suggests strong overhead resistance.
* RSI is hovering near the 40 mark, indicating weak momentum, while MACD histogram witnessed a bearish crossover and traded in a negative territory.
* A breakdown below the 3000 support zone could trigger fresh selling, potentially dragging the stock towards 2900 levels in the near term.
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