M&M is one of our best performing stock in even bad markets. Today after strong selling in nifty futures we have seen this stock testing its support of 681 level which is a rising trend line support. The stock has earlier taken 5 times support at this rising trend line so we believe this time stock will again bounce after testing this support level. Hence we recommend traders to Buy M&M futures near 684 level for targets as 698 and then 706 levels. Also we strongly recommend to place stop loss orders just below 673 zone. Open interest in M&M futures were up by about 10% and we have seen about 3 lakh shares being added to total open interest.
This is also a high probability trade setup and we believe it to work perfectly. M&M will continue to outperform nifty future in near term, so this is extra confirmation for taking long positions in M&M Futures. Call discussed here is purely a technical call, to learn technical analysis call us on +91-9970777789.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
Great job bhaveek bhai. In falling market your m&m stock bounce exactly from your 681 level. I have booked my profit at 698 level. Keep it up.
Thanks Ramesh for appreciation. Keep visiting our blog for more perfect analysis on stock future or stock options all for free. You can also learn this type of analysis and make profits like never before. Even beginner can do this course. Call us to get more info on this technical analysis course @ +91-9970777789.