The scrip formed a bullish candlestick pattern on its daily price chart indicating a reversal pattern from past trend, says Dinesh Rohira of 5nance.com.
Mahindra Lifespace went through a consolidation phase since January 2018 after making a higher top at Rs 538 levels and took a strong support at Rs 420-414 levels.
Despite remaining muted in the early session, the scrip made a positive breakout on its weekly price chart along with strong volume growth, indicating a trend reversal.
The scrip formed a bullish candlestick pattern on its daily price chart indicating a reversal pattern from past trend.
Further, a secondary momentum indicator witnessed a breakout with its weekly RSI shifting upward at 65 levels coupled with positive crossover on MACD at 5 from Signal-Line.
The support level for scrip is currently placed at Rs 477 and resistance level from the upper band is placed at Rs 560. We have a BUY recommendation for Mahindra Lifespace Developers which is currently trading at Rs 518.80Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.The Great Diwali Discount!
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