Looking at the long-term monthly chart, Mahindra & Mahindra has seen a multiyear consolidation between Rs 750 and Rs 550 odd levels since 2014. In the month of February, the stock failed to give breakout after hitting high of Rs 803 and then corrected down to Rs 700 levels.
Since then the stock has rallied back to touching an all-time high of Rs 834 in yesterdays session. Price has been forming higher top higher bottom over last sixteen suggesting uptrend is likely to continue.
The Relative strength index and Stochastic have given positive crossover with their respective averages on the daily chart. Thus, the stock can be bought at current level and on dips to Rs 815 with a stop loss below Rs 790 for target of Rs 910.
Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.