Another Adani pattern is on Mahindra and Mahindra. For M_M wave Elliot impulse Wave 3 ends and Correction of wave 3 (Wave 4 begins). Volume has decayed and new highs has been rejected. Lows could for 948 leve with an SL of 1380....This could be a good short opportunity.
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Trend continues.... Critical support at 1200 level. I am expecting this to be broken....
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Expecting a pull back till 1300 before final fall....
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A pull back and trend continues....
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Mahindra 1212 to act a temporary support... and eventually will be taken out...Fresh short can be initiated below 1200 level..
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And falls continues... headed for 1054 by March expiry...
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It should hold 1100 to 1150 level.