Mahindra & Mahindra Limited is within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction.
A head and shoulders formation is under
development. A decisive break of the
support at 1203, ideally with an increase in volume, signals a further fall. The stock is between support at rupee 1230 and resistance at rupee 1320.
A definitive break through of one of these levels predicts the new direction. The stock is overall assessed as technically positive for the medium long term.
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Jefferies’ Chris Wood, in his latest 'Greed and Fear' note, has termed India the best "domestic demand story" among the emerging market universe.
The Nifty Index trades at 18.8 times 12-month forward earnings currently, compared with a historic 10-year average of 17.2 times, he said. However, if this is "somewhat of a concern tactically, the fact remains that India remains by far the best domestic demand story structurally in the Asia and emerging market universe".
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