SMC Global Securities
Tech Mahindra made a 52-week low at Rs 563.65 on 19th February 2018 and a 52-week high of Rs. 780.80 on 03rd October 2018.
The 200-days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 676.85 Short term, medium term and long term bias are positive for the stock as it is continuously trading above 200DEMA.
From past few weeks, it was consolidated in the range of Rs 640 to 770 levels with positive bias and formed a “continuation Triangle” on weekly charts, which is bullish in nature.
Last week, the stock gained over 2.5 percent, had given the breakout of pattern and also managed to close above the same. So, follow up buying is expected to continue in the coming days. Therefore, one can buy in the range of Rs 710-715 levels for the upside target of Rs 770-790 levels with a stop loss below Rs 670.
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