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The short-term outlook is bullish for Mahindra & Mahindra. The stock has surged over 5 per cent last week and has closed on a strong note. This rise has taken the share price well above a key resistance level of ₹2,900. The price action last week indicates that the stock has got strong buyers in the ₹2,900-₹2,850 region. This zone will continue to act as a good support and limit the downside going forward. Mahindra & Mahindra share price can rise to ₹3,200 in the coming weeks.
Traders can go long now at ₹2,979. Accumulate on dips at ₹2,910. Keep the stop-loss at ₹2,830. Trail the stop-loss up to ₹3,020 as soon as the stock goes up to ₹3,070. Move the stop-loss further up to ₹3,110 when the price touches ₹3,140. Exit the long positions at ₹3,180.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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