Trade Idea of The Day - Tech Mahindra Ltd Target Rs.65 - Religare Broking Ltd
Tech Mahindra Ltd
BUY 28 APR 1460 APR Tech Mahindra Ltd Entry Range 23 - 25 Target Range 65 Stop Loss 10
Rationale
* TECHM is trading decisively below its 20-WEMA and 50-WEMA, indicating a sustained breakdown on the weekly timeframe. The inability to reclaim these moving averages reflects persistent selling pressure.
* Rising volumes on down moves signal distribution, suggesting that institutional participants may be unwinding positions, reinforcing the bearish bias.
* Momentum indicators remain weak, with RSI hovering in the lower range and MACD in negative territory, highlighting lack of bullish strength and potential continuation of downside.
* As long as the price sustains below the moving averages, further decline toward lower support zones is likely so that one can may consider buying in the ATM put options to capitalize on potential downside movement.
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SEBI Registration number is INZ00017433
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