Trade Idea of The Day - Mahindra And Mahindra Ltd Target Rs.80 - Religare Broking Ltd
Mahindra And Mahindra Ltd
BUY 28 APR 3250 PUT SELL 28 APR 3150 PUT Mahindra And Mahindra Ltd Entry Range 40-42 Target Range 80 Stop Loss 20
Rationale
* On the daily chart M&M continues to trade below its key moving average of 50-DEMA, reflecting a sustained downtrend and lack of strong buying conviction at higher levels.
* The recent price action indicates lower high–lower low formation, suggesting persistent selling pressure, with the recent bounce appearing corrective rather than a trend reversal.
* On the weekly timeframe, the MACD histogram remains in a negative trajectory, highlighting weakening momentum and signalling that bearish undertone is still intact.
* On the derivative front immediate resistance is placed near the 3300, indicated by fresh call writing, while on the downside major put OI placed at 3000 strike. For the near term sell-on-rise strategy remain intact.
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