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* On a weekly chart, the stock has confirmed “Hanging Man Candlestick” which is reversal formation suggests southward movement in the stock.
*On a daily chart, the stock has given a breakdown of its “Rising Trend Line” with above average volume which indicates a weakness in the counter.
* Moreover, the stock has been trading below its 21 Days Simple Moving Average and has also given a breakdown of its “Lower Band of Bollinger band” which indicate downside movement in stock.
* A daily momentum indicator RSI reading is at 41.60 level with a negative crossover which points out for a negative breath in the Stock.
* Based on the above technical parameters, we are expecting a downside move in the stock in few trading sessions.
Sell March Fut Tech Mahindra Limited @786 - 788 Stop Loss 797 Target 764
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