Target: Rs 3,550/3,600
Stop Loss: Rs 3,050
M&M is currently trading at Rs 3,196 and has recently broken out of a Flag and Pole pattern. The stock has since retested the breakout level and bounced back strongly, forming a bullish candle with significant volume—indicating renewed buying interest and strong conviction. The price is also consistently forming higher highs and higher lows, which further confirms the strength of the ongoing uptrend.
A decisive close above Rs 3,200 could lead to further upside, with potential short-term targets of Rs 3,550 and Rs 3,600. On the flip side, Rs 3,130 acts as immediate support, and any dip toward this level may be considered a buying opportunity for swing traders.
Technically, the RSI is at 58.93 and trending upward, while the Stochastic RSI shows a positive crossover, reinforcing bullish momentum. The stock is also trading above all key EMAs, which supports a continued uptrend. For prudent risk management, a stop-loss at Rs 3,050 is recommended.
(Mandar Bhojane, Equity Research Analyst, Choice Equity Broking)
