Stock Market: This Mahindra Group share has seen massive jump


Mumbai: Shares of Mahindra & Mahindra Finance Services (M&M Financial Services) are seeing a lot of gains today. It jumped two per cent in early trade today. It has gone above its previous swing high of Rs 172.40. 

The stock opened in the early morning and gained momentum as the day progressed. It has formed a strong bullish candle on the technical chart and reached the day’s high of Rs 175.45 during trading. Not only this, it has recorded above average volume today and it has exceeded 10 day and 30 day average volume. This is indicating strong trading activity in this stock.

Its 14-day daily RSI has entered Super Bullish territory while the ADX is indicating a strong trend strength above 25. Its MACD line is above the signal line and the zero line. This is a sign of bullishness in it. Interestingly, its OBV is also indicating strong strength in terms of volumes.

The stock has delivered over 16 per cent returns to its investors so far this year and has outperformed broader markets and most companies in its sector. Also, the stock has jumped nearly 30 per cent in the last one month. It is likely to remain bullish in the coming days keeping in view the short term upside and strong price structure. It can go up to Rs 180 and then Rs 185 in the short to medium term. Short term traders can expect great profits from this.

first published:April 8, 2022, 1:57 p.m.

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