Mahindra & Mahindra Limited (M&M) Stock - Complete Technical Analysis - Nov 07, 2024

Mahindra & Mahindra Stock Analysis: Bearish Reversals, Support & Resistance Levels M&M Technical

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Mahindra & Mahindra Limited (M&M) is trading at 2891.35, facing some short-term resistance and volatility. The stock has dropped from a 52-week high of 3222.1, now trading 10.27% below, but remains substantially higher than its 52-week low of 1474. Over the past few days, we've witnessed price fluctuations, with notable patterns forming, including a Bearish Engulfing and an Evening Star, both of which are indicators of potential bearish reversals.

The Relative Strength Index (RSI) at around 49.41 suggests that M&M is not overbought or oversold, making it prone to sideways movement unless a strong catalyst appears. The Average Directional Index (ADX) stands at 24.6, confirming the market is in a consolidation phase. The stock's recent movement shows it is bouncing off the 2850-2900 support zone, with a possible breakout above the 2950-3000 resistance range if it gains momentum.

Traders should focus on these critical levels. A sustained break below the 2850 range could lead the price lower to around 2700, while a push beyond the 3000 resistance could indicate a potential rally. The stock's technical indicators suggest caution, but its strong fundamentals make it an attractive pick for those with a longer-term view. Short-term traders should be ready to act on breakouts or breakdowns.