Mahindra & Mahindra Bang On using Elliott Wave and Bollinger Bands.
Sep 24, 2024
We published about Mahindra & Mahindra combining advanced technical techniques such as Elliott Wave and Bollinger Band® Indicator and forecasted a possibility of good returns in the upcoming trading sessions in our Vayu Momentum report. Check out the research we had published on 23rd September 2024.
Below is the snapshot of chart along with the detailed analysis of M&M which helped to derive targets combining Elliott Wave and Bollinger Band technique. We recommended this stock when trading near 2950-2960 levels and successfully caught the up move within just 1 trading session!
M&M Daily Chart (Anticipated on 23rd September 2024)
Wave analysis:
In the previous session, Mahindra and Mahindra surged by over 5.48%, breaking above its trendline with a significant increase in volume. This surge suggests a potential trend reversal and indicates fresh buying interest in the stock. Currently, prices have given a close above Upper Bollinger Band® reflecting increasing buying pressure in the underlying. Also, RSI is trading at 68 supporting the high momentum in the prices. As per wave perspective, wave iv got completed on the downside near 2650 levels and since then the rise that we are seeing is in form of wave v.
Key Resistance – 3010
Key Support – 2855
Trade setup for intraday future – Long positions can be created above 2960 Levels with the targets of 2970 followed by 2780 and stoploss of 2950 levels.
Trade setup for Positional Futures – Long positions can be created above 2960 with TGT 3000 and stoploss of 2940 levels (One can book part profit near 2980-2985 and trail stoploss to cost)
Trade setup for Options – M&M SEPT 2900CE BUY ABOVE 76 SL 64 TGT 96 (One can book part profit near 86-87 levels and trail stoploss to cost).
M&M Daily Chart (Happened on 24th September 2024)
Happened:
After recommending the stock, it moved exactly as anticipated and traded at life-time high levels of 3098.55 and achieved both our targets in futures as well as options. It is fascinating to see how accurately combing basic indicators along with advanced wave techniques can help predict price targets with accuracy! We have favourably captured this surge of more than 4% in just 1 trading session.
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