TechMahindra - Double bottom!

TechM has formed a double bottom and also broken the downward trendline. Buy above 480 stop loss 475- Targets are 486, 491, 495 and 498.
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Hi Princess.. I have been tracking Tech Mahindra and today its touched 440 which is some sort of good support..Can I start buying as this is a very tempting Buy..?


Mayur Shah
vanathi MAYURSHAH444
@MAYURSHAH444, It is still sell. Let it show the sign of reversal.
+1 Reply
@vanathi, Hmmm True..its still going Low now 336, major support at 327

thanks & regards
vanathi MAYURSHAH444
@MAYURSHAH444, Market is falling, analyse well before going for long.

I have learnt 1 thing that any good Fundamental stock and beaten down Springs back sooner or later now this stock is at its Low.. and out of favour sector.. but yes lets wait & watch

Risk Reward is good. correct me if i am wrong

Thanks & Regards
@vanathi , the stock of TECHM is possibly in sideways correction after registering its recent of of 469.35 on 17th March, 2017. Further, from the chart it looks that the corrective waves 'a' and 'b' of it possible sideways simple a-b-c corrective movement have got finished at 491 (high of 20/03/17) and 472.85 (low of 22/03/17). Moreover, it is possible that the stock may see a shorter 'c' wave and may not go beyond the end of 'a', i.e., 491. The stock may show little or no action to retrace to this fall from 515.25, as action of the movement in the stock price is more about adjusting the negative histogram (difference of MACD & Signal line) than to give a turn around in the stock, and know that action speaks more loudly than anything else.

Also, there is double-top formation in the stock by registering highs of 515.25 and 515 on 21st and 23rd of Feb., 2017, respectively, so the stock is less likely to show its aggression on retracing the fall beyond certain point, that it should have under normal circumstances. Also, as shown in the chart shared below, the stock may face resistance at or below the supply line drawn, and the point of resistance on the supply line comes around 491 or below that. The chart of TECHM (Daily) has been shared in this regard. Refer to the same and let me know if there is correction on my side.

Lastly, my purpose of sharing my views with regard to this post was just to stop making wrong decision and not to question your analytical abilities, as I personally have seen your analytical ability when you gave call on TATASTEEL recently and many more before that. Sorry, if I have hurt. Regards @sgor1980 !

shiv_n sgor1980
@sgor1980, sir very nice comment...... sir pls do comment like this on my idea also.... after all we all brother and sister..... you very hapily comment ur vanathi sister.... sir do comment also on my ideas..... if you do comment my idea also then i m very happy that you comming to my house..... and give guidence....
sgor1980 shiv_n
@shiv_n, hahahaha.... i don't believe in universal relationship of brother n sister... i am happy with my family members... as far as commenting on idea is concerned i react to ideas of those whom i closely follow and think fit to share my side of view, that's it. have a great day! regards...
shiv_n sgor1980
@sgor1980, see this is >>> Our national Pledge

India is my country and all Indians are my brothers and sisters. I love my country and I am proud of its rich and varied heritage. I shall always strive to be worthy of it.
I shall give respect to my parents, teachers and elders and treat everyone with courtesy.

To my country and my people, I pledge my devotion.In their well being and prosperity alone, lies my happiness.>>>>> see 1st lines ..... as per this you are brother of vanathi.... :joy:
sgor1980 shiv_n
@shiv_n, hahahahahahahahahaha! you are impossible man...
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