Nandish Shah
Tech Mahindra is best-performed among the technology stocks, where it gained by 43 percent in the CY18 as against the 23 percent rise in the Nifty IT Index.
After taking support around 200-day SMA multiple times during last couple of months, stock price reversed northward to close at highest level since 05- December. Oscillators and momentum Indicators like RSI and MACD is showing strength on daily charts.
The stock price is trading 7% below its all-time high level of 780 and the technical indicators are indicating that it is likely to reach its all-time
high level in the coming days. Therefore, we recommend buying Tech Mahindra for the target of Rs 780, and keep a stop loss below Rs 690.
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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