This weekly chart shows a potential bullish setup for Mahindra & Mahindra Ltd., with Fibonacci retracement levels highlighting key support and resistance zones. The trade parameters are as follows:
Entry: Around 2,782.60 INR
Target: 3,198.60 INR (14.55% potential upside)
Stop Loss: 2,628.75 INR (5.85% downside risk)
Risk/Reward Ratio: 2.49:1
The price is currently trading within a consolidation pattern, and the Fibonacci levels suggest that a breakout could lead to a significant upside. The setup capitalizes on a potential move towards the 1.618 Fibonacci extension at 3,559.55 INR, with the first target around 3,198.60 INR. Traders should consider this setup for a medium-term trade with a favorable risk-reward ratio.
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