Mahindra & Mahindra is showing signs of a moderate Bearish move which can be of 5 - 10 BPS
OC data suggest indecision in the sentiment
Marubozu candle was formed which shows Bears are trying to pull market downward
RSI is almost in Oversold region
There is also a slight possibility that the next candle would be Doji or a Spinning Top
A strict SL is required if...
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
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Wait for entry setup, if available then Long/short.
R:R is 7 to 10 times.
...... all mentioned on Chart.
Misguiding Volume in "NSE" & "BSE".
While In BSE' has >3x, NSE: Flat.
MARKET CAP (Rs' Cr): 77,831.30, FACE VALUE (Rs'): 5.00, PRICE/BOOK: 2.61
BOOK VALUE (Rs'): 479.41(Consolidated), DIV' (%): 260.00%, DIV' YIELD.(%): 1.04%
P/E: 20.66, INDUSTRY P/E: 28.22, EPS' (TTM'): 60.64, P/C: 15.28
DELIVERABLES (%): 73.71...
Large Candle trendline break down followed by retracement ... Excellent entry for shorts for a target of 1240 levels. Fundamental factors like Government considering to increase the GST rates on Auto, Commodities like steel, Aluminium prices increasing might have a impact on auto company margins which may drive the stock prices lower
Still in bullish MACD crossover with positive RSI. Heiken Ashi candles suggest continuation of rally. Keep stop losses between 1425 and 1422 zone to avoid getting whipsawed. Minor sideways pattern broken with bullish close on 7/6. Take profits anywhere beyond 1440. Not ruling out higher highs upwards of 1450, but that would need considerable volumes.
It is been observed on the daily chart that the price action firstly forms a double bottom at 1140 levels and then went up and breaks above the previous resistance of 1215 levels. Then it consolidates in a downward channel or flag formation and now it has broken and closed above the channel/flag indicating further bullish move ahead.
It is been observed on Daily and Weekly chart that the price action is indicating a positive turnaround at the strong support levels ranging from 1100-1160. It is indicating buyers coming back in market and taking control over the price action. It shall further move up to 1200 levels to its next resistance.
Risk Reward: 2:1