Mahindra & Mahindra Limited (M&M) Stock - Complete Technical Analysis - Nov 27, 2024

M&M Stock Analysis: Will Mahindra & Mahindra Breakout Above 52-Week High Technical Insights 2024

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 displaying strong resilience with its current price of 3005, recovering sharply from its 52-week low of 1542.15, marking an impressive 94.84% gain over the year. Recent trading sessions exhibit price gaps and sudden drops, particularly on Nov-26 when the stock fell from 3068.10 to close at 2985.20, indicating intraday volatility driven by high volume.

From a technical perspective, RSI at 56.12 suggests steady momentum, while MACD remains bullish, providing potential for further upside. The ADX value of 19.72 indicates limited directional strength, favoring sideways movement in the short term. The stock is above all key moving averages, with the EMA-200 at 2570.93, confirming a long-term uptrend. However, Stochastic RSI's high value of 82.88 warns of a potential short-term pullback.

Support is firmly established around 2900, where SMA-50 and EMA-30 converge, acting as a cushion against downward pressure. Resistance at 3076 is crucial; a breach here could see the stock testing its 52-week high at 3222. Conservative traders should wait for a breakout confirmation, while aggressive traders could enter near the current levels, targeting resistance zones with a tight stop loss below 2900.