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Published on 14/03/2019 3:24:57 PM | Source: Choice Broking Pvt Ltd

Sell Tech Mahindra Ltd For Target Rs.764 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Tech Mahindra Ltd #IT Sector #Trading Report #Choice Broking

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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.

Recommendation

Sell March Fut Tech Mahindra Limited @786 - 788 Stop Loss 797 Target 764

 

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