On 8th September, M&M broke the previous day’s high and rallied nearly 4%. However, it soon entered a gradual downtrend on the hourly timeframe, holding the ₹3575 level (the high of 5th September, now acting as support).
After a day of consolidation, the stock broke below ₹3575 and closed beneath it. In the following session, it faced resistance at the same level but later broke above it again, suggesting a false breakout.
Currently, the stock is retesting this zone. The Volume Profile indicator shows a significant high-volume cluster around ₹3600, adding importance to this level.
📊 Trade Setup
* Entry: ₹3585
* Target: ₹3700 (recent swing high)
* Stoploss: ₹3526
⚠️ Note
Due to uncertainty around the US-India trade deal and developments in the auto sector, volatility may increase. Trade cautiously and manage risk effectively.
After a day of consolidation, the stock broke below ₹3575 and closed beneath it. In the following session, it faced resistance at the same level but later broke above it again, suggesting a false breakout.
Currently, the stock is retesting this zone. The Volume Profile indicator shows a significant high-volume cluster around ₹3600, adding importance to this level.
📊 Trade Setup
* Entry: ₹3585
* Target: ₹3700 (recent swing high)
* Stoploss: ₹3526
⚠️ Note
Due to uncertainty around the US-India trade deal and developments in the auto sector, volatility may increase. Trade cautiously and manage risk effectively.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.