Trade Idea of The Day - Mahindra & Mahindra Ltd Target Rs. 65 - Religare Broking Ltd
Mahindra and Mahindra Ltd
BUY 28 JUL 3100 PUT SELL 28 JUL 3000 PUT Entry Range 30 – 35 Target 65 Stop Loss 15
Rationale
1. M&M witnessed a fresh breakdown below its 20-DEMA and 50-DEMA, indicating fresh selling pressure in the ongoing bearish structure. The stock prices faced rejection near 3200 zone with rise in volume, reinforcing the prevailing bearish structure. A sustained move below the 3100 mark could accelerate downside momentum.
2. The RSI is hovering below 50-mark, reflecting weakening momentum and the absence of strong buying interest. Unless the stock reclaims the 50-EMA decisively, every pullback is likely to attract fresh selling pressure, keeping the shortterm bias negative.
3. Sell on rise remains the preferred approach with the immediate support of 3,000, while 3170-3200 is expected to act as a strong resistance zone. Only a decisive close above the 50-EMA would negate the bearish continuation outlook.
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