Stock Radar: M&M stock on verge of breakout from Symmetrical Triangle pattern; time to buy?

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Short-term traders can look to buy Mahindra & Mahindra stock on a close above the 3,100 level for a target of Rs 3,350 in the next 3-4 weeks, suggested experts.

Synopsis

Mahindra & Mahindra stock hit a high of Rs 3,221 on September 27, 2024, but struggled to sustain momentum, facing profit booking at higher levels. It found support around the 100-DMA in October, November, and December. A swift rally after testing the 100-DMA in December helped it reclaim the 21-DMA. The price action indicates a Symmetrical Triangle pattern, with the neckline near the 3,100 level.

Auto major Mahindra & Mahindra Ltd (M&M) has been consolidating in a range after it hit record highs in September. But, the stock is on the verge of giving a breakout from a Symmetrical Triangle pattern on the daily charts.Short-term traders can look to buy the stock on a close above the 3,100 level for a target of Rs 3,350 in the next 3-4 weeks, suggested experts.The largecap auto stock hit a high of Rs 3,221 on September 27, 2024, but failed

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ETMarkets.com

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