M&M, Infosys, L&T: Key resistance and support levels for these 3 buzzing bluechip stocks

Indian benchmark indices kicked off the week after an extended week on a strong note and scaled new highs on Tuesday. Market is now awaiting the upcoming union budget next month and global cues for the interest rate cuts. BSE Sensex jumped 308.37 points, or 0.40 per cent to settle at 77,301.14. NSE's Nifty50 index advanced 92.30 points, or 0.39 per cent, to end the week at 23,557.90.

Some buzzing bluechip stocks namely Mahindra & Mahindra Ltd (M&M), Infosys Ltd and Larsen & Toubro Ltd (L&T) are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Mahindra & Mahindra | Resistance: Rs 3,000-3,200| Support: Rs 2,850-2,700

The chart for M&M looks very promising, recently breaking out of a flag formation on the daily time frame. Additionally, the counter is forming higher highs and higher lows on the weekly time frame. Currently, it is trading above all moving averages. Technically, the first hurdle will be at the 3000 level, with a significant number of call writers above this level. If it surpasses 3000, 3200 can be expected. On the downside, the first support will be at 2850, where the 10 DMA is placed. Any slip below this could lead towards the 2700 level.

Larsen & Toubro | Resistance: Rs 3,750-3,907 | Support: Rs 3,600-3,500

The counter of L&T has taken support at its important 200 DMA and has shown a V-shaped recovery, regaining all its significant moving averages. Currently, the counter is trading at Rs 3,670, with the first resistance placed at Rs 3,750. Above this level, the counter could move towards its all-time high of Rs 3,907. On the downside, the first support will be at the Rs 3,600 level, where the 20 and 50 DMAs are placed. Below this level, a slip towards Rs 3,500 could be possible.

Infosys | Resistance: Rs 1,507-1,600 | Support: Rs 1,475-1,450

Infosys has created a bottom at the Rs 1,370 level. Currently, the counter has regained its 20 and 50 DMA. It has attempted to regain its 200 DMA but has been failing. Currently, the counter is consolidating at its 200 DMA, which is placed at the Rs 1,507 level. Above this, a rally towards Rs 1,600 could be expected. On the downside, immediate support will be at the Rs 1,475 level. Any slip below this could lead towards the 20 and 50 DMA mark of 1450.

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