TECHM: Ride the Wave to New Highs
Overview:
The 1-hour chart for Tech Mahindra Ltd. (TECHM) showcases a corrective Elliott Wave pattern (b, (B), (C) ) and highlights potential price movements, key levels, and target zones. Let's dive in! 🚀
Key Levels and Zones:
Wave Analysis:
The chart depicts a corrective wave pattern labeled as b, (B), and (C) .
Wave b is currently in progress and expected to complete in the zone of ₹1,645–₹1,658 . 📉
Target Zones:
First Target Zone: ₹1,785–₹1,795 🎯
Second Target Zone: ₹1,824–₹1,841 🎯
These levels are based on the completion of Wave (C) and represent potential upward targets.
Stop Loss (Day Close):
Suggested stop loss at ₹1,638 to manage risk in case Wave (C) fails to complete as anticipated. 🛑
Volume Analysis:
Volume bars indicate trading activity and can confirm the strength of price movements. 📊
📈 Trading Plan:
Entry:
Consider buying within the Wave (C) completion zone: ₹1,645–₹1,658 .
Expectation: Corrective wave completes in this zone, leading to upward movement.
Targets:
First Target: ₹1,785–₹1,795 🎯
Second Target: ₹1,824–₹1,841 🎯
Stop Loss:
Place a stop loss at ₹1,638 to limit downside risk. 🛑
Short-term Trading Opportunity:
These target zones are ideal for short-term swing trades or futures and options (FN) positions.
Conclusion:
This trading plan offers a strategic entry and potential profit zones based on Elliott Wave Theory. Monitor price action and volume closely for confirmation.
Disclaimer: This analysis is for educational purposes only. Conduct your own research or consult a financial advisor before trading.
