The stock has respected a key support zone, established a higher-low structure, and is attempting to resume its uptrend. The next decisive move will depend on whether it can break and sustain above ₹3,200–3,260 with strong volume.
This is the daily chart of M&M (Mahindra & Mahindra) with Fibonacci retracement levels plotted from the recent swing high (~₹3,836) to the swing low (~₹2,902).
Technical Analysis
1. Previous Support Worked Perfectly ✅
The previous swing low around ₹2,900 acted as a strong support.
Price tested this level twice (March and June) and buyers stepped in aggressively.
This confirms demand exists near ₹2,900.
2. Strong Bounce from Support
After the June retest, M&M has formed:
Higher lows
Higher highs
Consecutive bullish candles
This suggests momentum is shifting back to the bulls.
3. Price Reclaimed the 0% Swing Low Level
Current price: ₹3,180
Price has moved above the swing low reference and is approaching the first Fibonacci resistance.
Fibonacci Levels
Level Price Importance
0% ₹3,198 Immediate resistance
38.2% ₹3,258 Strong resistance
50% ₹3,369 Medium-term target
61.8% ₹3,472 Major resistance
Previous High ₹3,836 Long-term target
Volume Analysis
The bounce from ₹2,900 came with higher-than-average volume.
Recent candles show healthy participation rather than weak pullbacks.
This supports the bullish recovery.
Trend Assessment
Short-term: Bullish
Medium-term: Recovery in progress
Long-term: Positive as long as ₹2,900 holds
Trading Plan
Aggressive Entry
On a breakout above ₹3,200–3,220 with above-average volume.
Conservative Entry
Wait for a pullback towards ₹3,100–3,130 and look for bullish reversal candles.
Stop Loss
Below ₹3,050 for short-term trades.
Below ₹2,900 for positional trades.
Targets
₹3,260
₹3,370
₹3,470
₹3,836 (if broader market remains supportive)
This is the daily chart of M&M (Mahindra & Mahindra) with Fibonacci retracement levels plotted from the recent swing high (~₹3,836) to the swing low (~₹2,902).
Technical Analysis
1. Previous Support Worked Perfectly ✅
The previous swing low around ₹2,900 acted as a strong support.
Price tested this level twice (March and June) and buyers stepped in aggressively.
This confirms demand exists near ₹2,900.
2. Strong Bounce from Support
After the June retest, M&M has formed:
Higher lows
Higher highs
Consecutive bullish candles
This suggests momentum is shifting back to the bulls.
3. Price Reclaimed the 0% Swing Low Level
Current price: ₹3,180
Price has moved above the swing low reference and is approaching the first Fibonacci resistance.
Fibonacci Levels
Level Price Importance
0% ₹3,198 Immediate resistance
38.2% ₹3,258 Strong resistance
50% ₹3,369 Medium-term target
61.8% ₹3,472 Major resistance
Previous High ₹3,836 Long-term target
Volume Analysis
The bounce from ₹2,900 came with higher-than-average volume.
Recent candles show healthy participation rather than weak pullbacks.
This supports the bullish recovery.
Trend Assessment
Short-term: Bullish
Medium-term: Recovery in progress
Long-term: Positive as long as ₹2,900 holds
Trading Plan
Aggressive Entry
On a breakout above ₹3,200–3,220 with above-average volume.
Conservative Entry
Wait for a pullback towards ₹3,100–3,130 and look for bullish reversal candles.
Stop Loss
Below ₹3,050 for short-term trades.
Below ₹2,900 for positional trades.
Targets
₹3,260
₹3,370
₹3,470
₹3,836 (if broader market remains supportive)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.