After struggling for over a years time, M&M has finally broken out from a Multi Month Symmetrical Triangle pattern on the weekly charts.
The stock has been consolidating near its all time high 13 months during this phase M&M gyrated wildly hitting lows of Rs1136 in December 2016. Post that the stock zoomed and also made an attempt to break past its previous peak but proved to be futile. Finally after struggling for over a years time, M&M has finally broken out from a Multi Month Symmetrical Triangle pattern on the weekly charts. If the breakout sustains for another week convincingly then projection are indicating that M&M is likely to move higher towards its conservative potential target of Rs1502 and Rs1560 in medium term.
Buy IndusInd Bank
The stock has been stuck in a declining trend for the past three months during which IndusInd Bank has corrected almost 11%. Recent price action signifies that stock is making an attempt to build a base. And finally after finding support around its 100-DMA, IndusInd Bank has broken out from a Declining Trendline on the daily charts giving an early indication of price reversal. In addition the breakout has also been accompanied with smart uptick in traded volumes this further accentuates our bullish stance on the stock. If the breakout sustains the way it should, the we expect the stock to rally higher towards the 1725-1735 mark in medium term.
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