Friday, October 21, 2011

M&M Consolidation

M&M is consolidating between 770 to 820 (a range of 50 points built over a period of almost 1.5 months). This consolidation process is developing near the life time high of the stock. A break of 820 resistance or 770 support should see a big move in either direction.

4 comments:

Balu said...

Sir

Very happy that your blogging restarted.. i thought that you got bored of this one day up and one day down market last week.

But sir I lost 100+ points in my last two positions due to overnight holding which were actually 100+ points profit trades on the same day..

missed your views and strategies last week..


Regards
Balu

rocky said...

Isnt there always a possibility of a false breakout before the Real Trend Commences ;)

Dinesh said...

Sir,

I am new of this blog as well as markets. I would like to share my view sir & correct me wherever i was wrong.

M&M charts looks to me it is in the 4th corrective wave.5th & final wave could take the price to 870-900

Also results were to be declared on 14.11.2011 where there is always a high expectation on m&m in recent quarters.This date is exactly one year before m&m made high of 827(11.11.2010) which is an important anniversary date where one more new high is possible i think.

I am of the view that m&m could reach 900 also it may not happen because markets do what they want to do & they are always correct ( i learnt this from you sir while watching on Television)
we have to be ready to trade on either side.

Kindly correct my view sir where i was wrong.

Nitin Gupta said...

Hi Sir, do u consider lows for forming a consolidation pattern.. which in M&M' case is 823 on the upside and 759.12 on the downside....