Mahindra and Mahindra at the verge of Turn Around

Mahindra and Mahindra:- Mahindra and Mahindra have been in a downtrend since August 2018 after hitting the high of 982.25 since then it has shown lower levels. Currently, MM is trading at 530 almost 50% below from the high. At the current level, some kind of bullish activities are being developed here.

i) Double Bottom at the support of 500. 500 is also a 50% Retracement level from its all-time low to an all-time high.

ii) Bullish Divergence on Weakly chart.

iii) Bullish Divergence on MACD

iv) Morning Star pattern.

v) Big buy volumes this week.

vi) Doji candle on the daily chart.

vii) Double bottom on the daily chart.

All this development of different time frame signifies that the stock may reverse its existing trend into an uptrend. There is limited downside risk and unlimited upside reward.

We have a long position in this counter for the 750 level.