Stock is made a down move and now pulling back to previous resistance. Pull back is very weak and candle on Friday 19th is good signal to sell. if goes opposite. i will add at 1140 . SL will be open a strong cross of 1150 will be SL
Good trand formation wait for the break out and it's clear indicate top pull back the market reaction its best stock to invest because fundamentals is awesome my target is its ner to the 1350 to 1500
Tech Mahindra will be interested to watch its move in next week as it has been consolidating for long time in a short range. Today also it closed the candle above 1046 which is strong resistance. If it crosses convincingly than it may touch the TGT - 1143. Since RR is in favour after seeing next few days can be taken a position with SL - 978.
It is stocks was faced correction in some of month
Now it is stock reversal happens and double bottom pattern show up there so this stock chances go to up side.
Price is nearing accumulation level as per the Head & Shoulder pattern technical target.
Sound fundamentals with almost zero debt will make it soar in next bull run.
Good to accumulate around 850-920 levels for the following targets:
Short term swing target @ 1275 (43% ROI with 4.28 R:R)
Medium term swing target @ 1620 (82% ROI with 8.1 R:R)
Long term...
Currently Tech Mahindra is at a strong support of Fib retracement of 61.8 and round figure of 1000. There are other Fib points of confluence from 1000 to 975. So to be on a safer side, short when price closes below 950 to target 800.
Less likely scenario, alternatively, if u r already invested at high levels, hold if the price stays above 950
TechM is in a good support zone of HTF one can look for long term perspective as this is not a recommendation and tips though i have my persoal position in this stock.
At weekly timeframe, Tech Mahindra is standing at strong support around 1000 which is also a round number.
Also, 0.618 fib level, 200 EMA & POC Level present at same area.
If we look towards RSI, it's also showing techm is at oversold levels.
We can go long and add some long position in portfolio with a SL of 940.
Follow rules for profitability.
Thanks,
Sumit Thakur
Let's understand multi timeframe analysis for NSE:TECHM . NSE:TECHM is closely following NSE:CNXIT .
Weekly TF -
CNXIT did a major rally after sudden fall in march 2020, made a strong base in early 2021 and then did another rally in second half of 2021. Price has been falling since January 2022 and now it has reached at a monthly/weekly/daily demand zone....
After huge downfall expecting bounce from demand level
Purely for investment
key Levels are marked
NOTE
Am not Sebi Registered
All level marked for education purpose
DISCLAIMER: There is no guarantee of profits or no exceptions from losses.
The technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while investing/Trading decisions.
Past performance is not an indicator of future returns. Investment is subject to market risks.
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