Trade Idea of The Day - Tech Mahindra Ltd Target Rs.45 - Religare Broking Ltd
Tech Mahindra Ltd
BUY 26 MAY 1360 PUT SELL 26 MAY 1300 PUT Entry Range 19 - 22 Target Range 45 Stop Loss 10
Rationale
• TECHM continued to witness selling pressure and faces rejection near 20 and 50 DEMA zone, indicating weakening short-term momentum. The stock formed lower highs on the daily chart, reflecting a persistent bearish structure and lack of buying interest at higher levels.
• Momentum indicators remain negative as RSI drifted below the 40 mark, while MACD traded with a negative crossover. These signals suggest that downside pressure may continue in the coming sessions.
• On the downside, immediate support is placed near 1300 mark, and a breach below this level could extend the decline towards the 1280-1250 zone. On the upside, 1360-1380 is likely to act as a stiff resistance area.
• Overall, the technical setup maintains a cautious to negative undertone. For the near term “sell on rise” approach remain prudent as long as the prices trades below the key resistance zone.
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SEBI Registration number is INZ00017433
