M&M Shares Spikes Upward Over Better Than Expected Q4 Result

Shares of Mahindra & Mahindra Ltd is on uptrend movement today with over 3% increase in value as the Q4 data announced by the company was better than expected. The share hit an intra-day high of 875.70 and closed for the day at 870.25 seeing 2.39% increase in value in NSE.  RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 47 to 76 as the signal line moves well inside overbought region across intra-day, daily, weekly and monthly charts supportive of upward momentum in near future trading session.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 833.59 & 887.68 respectively.

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