The stock of Mahindra & Mahindra (M&M) has been trading largely flat and the support at ₹1,200 is holding well. Notably, it has bounced off this level multiple times since August last year.
In line with this, the scrip rebounded from this level during December-end. On Monday, the rally extended and closed above an important level of ₹1,290 opening scope for further rally, especially on Tuesday. One can consider this stock for intraday longs. Traders can buy at ₹1,310 with stop-loss at ₹1,285. Exit, if price rises to ₹1,350. If the stock opens with a gap-up on Tuesday, wait for a dip to ₹1,300-1,310 and buy.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)