Trade Idea of The Day - Tech Mahindra Ltd Target Rs. 45 - Religare Broking Ltd
Tech Mahindra Ltd
BUY 30 JUN 1420 PUT SELL 30 JUN 1360 PUT Entry Range 18 – 20 Target Range 45 Stop Loss 10
Rationale
• On the daily chart TECHM continued to trade under pressure and closed below its 100-DEMA zone, indicating that the broader trend remains weak. Sustained trading below the 1460 zone may continue to attract fresh selling.
• From the technical prospective, the recent price action indicates that every pullback towards higher levels is facing supply pressure, highlighting a “sell on rise” structure. Immediate downside support is now placed near 1360, and a breach below this level may extend the decline towards the 1300 mark.
• The 14-day RSI hover below the 60 mark with a mild rollover, suggesting lack of buying strength. Meanwhile, MACD histogram continues to trade in the negative territory, reflecting weak momentum and cautious undertone.
• Overall, the price structure remains bearish, and traders are advised to initiate a fresh short positions with a bear put spread for the next monthly expiry, to capitalize the prevailing negative bias.
