M&M Finance was in a prolonged consolidation of little more than a month. The consolidation had descending resistance line and the slightly descending support line. The daily chart on 19th March 2021 give the upward breakout with an increased volume support. The closing price on the breakout was Rs. 215.10. I estimate the price target of Rs.273 and suggest the stop loss at Rs. 206 on daily closing basis for the first 5 daily candles starting from 22nd March 2021. Thereafter the stop loss should be trailed and profit booking/ exit decision be taken on a negative crossover of 5 EMA line to 26 EMA line.
Comment:
Exit Alert: The daily chart of M&M Finance is closed at 202.50 which is below the stop loss price of 206. I suggest to exit the long position and book the loss.