M&M hits new historic high; may hit Rs 1,500 levels soon, charts show

M&M stock has formed a "Golden Cross" pattern, exhibiting a healthy up move

Shares of Mahindra & Mahindra, the automotive manufacture, surged 7 per cent after 100,000 bookings were recorded, within 30 minutes of the booking commencement, of the new Mahindra Scorpio-N. 

The shares hit a new historic peak with strong volumes on Monday, and have gained 50 per cent, so far, in the current calendar year.

Here's how the technical chart of the stock looks like:

Mahindra & Mahindra Ltd (M&M)

Likely target: Rs 1,500

Upside potential: 20%

Post witnessing the deepest fall in February 2022, which violated the 200-day moving average (DMA) support, shares of Mahindra & Mahindra have succeeded in