Please look into the chart for a detailed understanding.
Consider these for short-term & swing trades with 2% profit.
For BTST trades consider booking target for 1% - 2%
For long-term trades look out for resistance drawn above closing.
Please consider these ideas for educational purpose
tech mahindra range breakout preempting
it index is strong and most negative news are priced in
on monthly basis its forming a marubozu candle
my sl is 940weekly closing basis
target 1277 1484
after falling forming range
on weekly basis range breakout has occur and this week i will be consider for confirmation if it closes above 1127 on weekly basis
Tech mahindra is trading at near strong support zone if it hold this zone then can expect a bullish move. this is the best zone for long term investment can start buying because this stock is already down by 44% from it's all time high.
Some of IT stocks showing some reversal pattern and same is happening with Tech M as well. The scrip has formed an Inverted HnS in 1 hour TF and we may see some bounce in this scrip. day trader can keep this scrip in radar.
NSE:TECHM has been corrected 61.8% as per Fibonacci. I will be best to take entry at level of 993 with stop loss of 943 (-50 Points Risk Only).
Upside I can expect is 1067 & 1150. This could be low risk and high reward idea.
Note: This is my personal analysis, only for learning. Thanks.
This was after a 48% drop from 1750 to 900
Plan ahead => could consider to Buy above 1150
- and/ or Rejections near 700
PB 3x
PE 17x
ROCE 24%
DivYld 4%
NSE:TECHM
One Can Enter Now ! Or Wait for Retest of the Trendline (BO).
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose!
