m&m share price: Chart Check: 30% in 3 months! This automaker on investors’ radar; buy for target of Rs 1,100-1,300

Mahindra & Mahindra, a passenger automotive and utility automobile maker, rose greater than 30 per cent within the final 3 months in comparison with 0.5 per cent upside seen within the Nifty50 in the identical interval, and the rally is probably not over but.

The automaker has been on consumers’ radar to this point in 2022 pushing the inventory to a contemporary 52-week excessive of Rs 1043 on 31 Could 2022 on the BSE. The inventory bounced again after hitting a low of Rs 671 in March 2022.

The inventory has been shifting in a better excessive and better low vary which is bullish in nature. The inventory not too long ago took help close to Rs 850 ranges earlier in Could 2022 after which bounced again which is able to now change into a cease loss for all lengthy positions.

Earlier in Could M&M reported a 427 per cent bounce in its standalone revenue after tax (PAT) at Rs 1,292 crore, for the quarter ended March 2022. The auto main had clocked an of Rs 245 crore in the identical quarter final 12 months.

The inventory has rallied over 23 per cent to this point within the 12 months 2022 and has greater than trebled since its Covid 2020 lows.

The technical construction suggests a continuation of momentum and is an efficient purchase on dips inventory in the direction of Rs 935-919 ranges. An in depth under Rs 919 can take the inventory in the direction of Rs 907-894-885 ranges, recommend specialists.

On the value motion entrance, the inventory is buying and selling above short- and long-term shifting averages. It’s buying and selling above 5,10,20,50,100 and 200-DMA which is a optimistic signal for the bulls.

“The inventory value Began its up transfer from 246 (March 20). The inventory made a excessive of Rs 666 (Sept 20) and after consolidation once more moved as much as Rs 952 (Feb 21),” Bharat Gala, President – Technical Analysis,

Securities, stated.

“Revenue-booking adopted however the inventory bounced from the averages and made a brand new excessive of Rs 979 (Nov 21). Thereafter the inventory trended downwards and made a low of Rs 671 (March 22). Lately, steady optimistic value candles have fashioned and inventory made a excessive of Rs 961,” he stated.

The continual optimistic value candle supported by volumes suggests a brand new shopping for curiosity within the inventory. The Aroon Up/down, ADX, MACD & PVT indicators recommend a attainable agency uptrend.

“The attainable targets are 1100-1300-1500. If the inventory value corrects downwards the purchase ranges are (Rs 935-919) – Rs 907 – (Rs 894-885). A Cease Loss to be noticed within the commerce is Rs 850,” recommends Gala.


(Disclaimer: Suggestions, recommendations, views, and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)