It is on the verge of a breakout above 440 in daily time frame which indicates further upside 1st till 465 and then till 520 as per weekly time frame. The view would be negated below 425
M&M is forming a rectangle and Breakout today from 520. It can reach 540 where we can see trendline resistance. Good volume suggest we will reach the trendline but we need to see if it is able to break the trendline. Once broke we will see a massive move.
This is for educational purpose only.
This is an excellent example of how support and resistance level works. When a support is broken, it starts to act like resistance and when the resistance is broken, it then starts to act like support. Here we can see the same level working as support and resistance both repeatedly and consistently.
M&M up by 6% but ranging in an upper step levels. CTP is 184.90. Last two sessions shows good volumn and marginally good upward moments and if stock break 189.00 level (It's resistance zone based on one hour chart) and 191 level (it's an upper step level resistance zone) then the stock will go up. Be cautious as there may be profit bookings. But stock looks...
