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Published on 27/05/2019 3:26:42 PM | Source: Choice Broking Pvt Ltd

Update On Mahindra And Mahindra Ltd By Choice Broking

Posted in Broking Firm Views - Short Term Report| #Mahindra and Mahindra Ltd #Auto Sector #Trading Report #Choice Broking

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* On a weekly chart, the stock has formed a "Hammer Candlestick” which is a Bullish Reversal structure and suggests an upside movement in the counter.

* Moreover, the stock has given breakout of its "Falling Trend line" which indicates a reversal move and base on which the stock could accelerate its upside movement

* Furthermore, the price has pulled up after taking the support of its lower "Bollinger Band" which shows a further regaining in the counter.

* On a daily chart, the stock has been trading above its 21 & 50 Days Simple Moving Averages which signify that the medium-term trend is bullish.

* A weekly momentum indicator RSI's reading is at 44.68 with a positive crossover, apart from this, the RSI has formed a Positive Divergence which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting an upside movement in the M&M in a few trading sessions.

 

 

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