Sudarshan Sukhani of technicaltrends.com feels that much lower levels are possible in Tech Mahindra .
Sukhani told CNBC-TV18, " CESC is not a big trading favourite and it's fallen from Rs 340 to Rs 240. At Rs 240 it is saying that after five day consolidation it's prepared to go down. Yesterday it saw a very down day and when down days are usually followed by even bigger declines, so its on the verge of another new decline, so at Rs 240 has a lot of leeway on the downside."
He further added, "Tech Mahindra has been a relative underperformer after it rallied on news and results that was three months ago. Now we are looking at something around Rs 520 as an initial target for it and that may not be enough. The charts are very disappointing. I don't know exactly what the reason is but the suggestion is that much lower levels are coming."
Disclosure: I have no personal position in the above stocks.
