Techmahindra
TECH MAHINDRA - still WeakTECH MAHINDRA - still Weak
Major support for the stock comes around 400 levels.
Tech Mahindra stock to watch out tomorrow The Volatility has been very narrow. Expecting Breakout tomorrow. Based on Trend go for Long or short
TECHM Intraday for 6th Apr 2020Mostly downtrend....Do not go long..
Short below 520.5, tgt 1- 510, tgt 2 - 491...
If price opens below 512, short @ 510 , tgt 491
No long until price reaches above 540, tgt till 580...or follow pivot points....
If price opens gap down and reaches around 490 levels, go long with tgt as pivot points till 520 max...
TECHM - W PATTERN BREAKOUT + CONSOLIDATIONTECHM
CMP 732
Long suggested ONLY above 753-755 levels.
Stop 695
Target Open
Logic:
Daily chart W pattern with volumes rising in tune with price rise and dropping during retracements.
Currently price consolidating with drop in volumes.
Tech Mahindra (NSE): Correction in uptrendThe long-term trend is completely intact and unchallenged. However, on the near term the outlook is a bit tiresome; bearish divergence and the lack of significant new highs suggests buyers are exhausted and a correction is around the corner. Tighten stops on existing longs or cover all together. New buying can be done if/once a deeper correction has occurred and prices set a new higher base. The area around 550<>570 would be ideal for such a base.
Primary trend: positive
Outlook: correction in uptrend, moderately negative
Strategy: cover/protect longs and re-enter after correction
Support: 571.70 / 537.50 / 506.10
Resistance: 532.10 / 665
Outlook cancelled/neutralized: n/a
NSE:TECHM
TechM reaching support level around 440 Target 515TechM reaches support level at 440 , i feel it will be up from here
TECH MAHINDRA explained in detailRED, BLUE and GREEN line already described on the chart.
Close above blue line in coming session may bring a confirmed pull back...minimum of 10 to 12 % can be expected from CMP 433.95
Tech Mahindra can see lower levelsNSE:TECHM ...Tech Mahindra Is under pressure due to BREXIT and Relative weakness in IT sector. Though the Quarterly results were fairly in line with analysts expectations, Sector weakness and BREXIT could lead TechM to lower levels.
Technically TEchM is in Multitimeframe bearish trend. I expect levels of 450 over next few months before any significant support can come in. 510 levels can acts as a stoploss as well as resistance.
