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Mahindra Box Bank – Should You Buy After Block Dealing?


Shares of Mahindra Bank Box fell 3.10% to Rs 1,714.95 on Thursday.

The Canadian Pension Plan Investment Board sold its stake of 1.41% to 2.02% through a bulk deal today at Mahindra Box Bank and the share fell 3.10% to Rs 1,714.95 on the NSE.

Should you buy a dip?

As an investor, I am not confident in the structure of technical charts.

The stock has been one of the major underperformers against Nifty Bank since its 2020 lows. From pandemic lows, Nifty Bank has gained over 120% while Bank Box is up ~ 70% (given the lowest level to CMP).

Since the beginning of 2021, the stock has been trading in a wider range of Rs 1,650 – Rs 2,100 and is trading around the lower band range now.

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Technically, a death cross can be seen on the chart at Rs 1,850 marking the end of the uptrend in the stock. The mortality cross occurs when the short -term moving average (50 days) crosses below the long -term moving average.

In the chart above, multiple supports can be seen in the range of Rs 1,640 – 1,750 but that does not convince a buying opportunity.

According to the technical pattern, a bullish confirmation will be above Rs 1,855 while a close below Rs 1,640 will confirm a bearish scenario.

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\ Disclaimer: This article is for informational purposes only. It is not a stock proposal and should not be treated as such.

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