Mahindra & Mahindra’s share price has been on a rise since early April. It had bounced off the support at ₹1,150. The rally continued and the stock broke out of the resistance at ₹1,400 on Tuesday — June 6. Although the stock witnessed an intra-day decline on Wednesday, the overall trend is bullish.
The price action shows that the chances of a rally on Thursday is high, making it a good buy for intraday. Hence, we recommend buying the stock of Mahindra & Mahindra at the current level of about ₹1,406. Keep a stop-loss at ₹1,392. Book profits at ₹1,430. In case the stock opens with a gap-up, wait for the price to soften to ₹1,406 and then buy. Refrain from trading if it opens below ₹1,395.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading