AbhishekHSinghCMT
Long

TechM- Searching for a bottom, with critical support@425

NSE:TECHM   TECH MAHINDRA
340 9 14
From last update on TechM- 449 was not taken out so, it failed to move upside as it was the key level.

A possible wedge is in place & invalidates if goes below 430 level. Here as well limited downside is left & we are close for a bounce upside but no confirmation yet which we have been searching since last few updates.

How are we moving in the long term chart- can refer my previous updates in my profile page



Trading Strategy
On sustained move above 435 & holding above 435 -I shall look for the current leg, which started from 515 highs to end in the zone 430-435 but have no confirmation yet.

Going above 443 can put this fall to end & shall give firm footing for some relief on the upside.

Wish you all a happy good friday.

Trade active: 21:21 Hrs 14th April2017

Last Price@429

Searching for a temporary bottom & considering an alternate count of extended wave 3 which is yet to be done & travels 161.8% at 408 which is double bottom as shown in the monthly triangle update & important support.
Currently- at 425 which also should act as support & we are looking for a turn upside for atleast 448-452 zone minimum target for the bounce once it sustains above 430 next.
We shall look for resistance in that zone & fresh selling for target zone 408-410- where wave- 3 travels 161.8% of wave 1 (red wave)distance.
In the larger picture – dropping from 515 is surely impulsive & every bounce should be used for selling & looking for lower targets.
snapshot
Trade active: 06:20 Hrs 18th April2017

Last Price@422

Did not hold 425 which was critical level suggesting the fall from 515 is very hot & impulsive & got even extended - we are looking for a bounce which could be sizeable upside because of the extended downside move.
Next Support comes at 414-416 Zone & later 408-409.
Trade closed manually: 18th April2017

Closing this post at 417-Price
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
sir, I think Now its a buy! it should close above 425.
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425 broken too.. unexpected downfall.. not taking any support
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@parthrp888, Yes, Not sure how much it will extend further -it just falling let me check - we are almost heading close to 405-408 which is important support zone.
Reply
Hi Abhishek H. Singh, Should i look to buy (Cashmarket) tech mahindra at 424. if yes at what level i should sell.
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@butterfly87, We don't have any confirmation yet about how far it will dip down. Once it starts moving above 425- i will check again
Reply
butterfly87 AbhishekHSinghCMT
@AbhishekHSinghCMT, ok thanks!
Reply
butterfly87 butterfly87
@butterfly87, HI any updated view on tech mahindra to share.
Reply
@butterfly87, Yes TechM giving reversal sign any short term pullback can be buying opportunity for 450-465 zone
Reply
butterfly87 AbhishekHSinghCMT
@AbhishekHSinghCMT, ok thanks:)
Reply
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