Time frame: Three months
Derivatives & Quantitative Outlook
The auto space has remained a laggard in the last couple of months with stocks like Mahindra & Mahindra underperforming the Nifty, falling 18%, compared to 10% downside seen in the Nifty from its lifetime highs. However, early signs are there that the underperformance of the auto space may be over vis-à-vis the index. We expect stock like Mahindra & Mahindra to lead the recovery.
During September-October 2021, the stock moved up sharply along with significant closure of open interest indicating short covering move. Since then, it has consolidated and traded in the range of Rs. 800-1000. Recently, despite market volatility, the stock has held its levels and accumulated fresh open interest, indicating ongoing accumulation in the stock.
For details, click on the link below: Link to the report
Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 849.75 as compared to the previous close of Rs. 852.30. The total number of shares traded during the day was 55411 in over 2313 trades.
The stock hit an intraday high of Rs. 869.75 and intraday low of 845.65. The net turnover during the day was Rs. 47457255.00.