Tech Mahindra – Downtrend resumes ?

After a swift move from 730 to 637 levels,Tech Mahindra TECHM has retraced 61.8% of the downfall to make a high of ~ 698 on Friday.

I can see that it is facing resistance around 700 levels and witnessed selling pressure at those levels today.

Today’s bearish candle suggests that the stock may have resumed its downward journey.

Took short positions here with stop loss around 700 levels for first target around 640 levels.

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