Tech Mahindra may dip to Rs 390: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Tech Mahindra is breaking down. If you look at the multiple timeframe we can see a bearish head and shoulder taking place just a couple of days back and the selling pressure is going to continue. The stock has a topping out pattern which generally means that the uptrend in this counter had come to an end just three weeks back and the decline is going to continue. We can see levels of Rs 400, in fact Rs 390 to be precise in next couple of weeks."

At 14:49 hrs Tech Mahindra was quoting at Rs 482.45, down Rs 39.45, or 7.56 percent. It has touched a 52-week low of Rs 467.40.

Disclosure: Analyst may have recommended the trading ideas to his clients but has no personal holdings.