NSE:TECHM   TECH MAHINDRA
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9
TechM reversed from a harmonic level(635-640) and made a bullish engulfing .
Next day it made an inside bar and closed below the resistance at 607.

Aggressive traders can sell below day low of engulfing bar(599) for target 583 with SL 606.
Safe traders can sell on low of engulfing bar which is 588 and trail to cost when it goes 583 (there is a support),
when this support breaks, the next target is 565.

As IT sector is bullish , this may never trigger or can be risky, hence trail as soon as you are in profit.

TechM has a maxpain of 580 and OI and 650 CE and 550 CE.
My view can go wrong as well. Please be careful.

Disclaimer: I am not a SEBI Registered Analyst. This is for educational purpose. Please take position after consulting your advisor.
Comment: didn't trigger
Order cancelled: view invalid now

Comments

It was in my radar on Friday also . Took a haromic entry on thrusday for a short. Have good sell volume. Good one
+1 Reply
BEARISH ENGULFING!!!
Reply
LazyBullear zafarahmed10
@zafarahmed10, yep my bad.. noticed just now. Thanks!
Reply
OI suggest to go long above 650, may be buy August call of 650+ and enter once it goes for some profit booking. This counter is strongly dependent on Nifty performance and broader IT index.
Reply
LazyBullear piyushin2020
@piyushin2020, Yes, need to recheck the OI for next month to confirm this theory. IT index ran up crazy so I am expecting some profit booking and sector rotation soon.
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apurva321 LazyBullear
@LazyBullear,

Please Alert Some First August
Position are Take Safe

7 August near Some Unexpected

From = Apurva Mullick
Reply
@LazyBullear: As you have mentioned the IT sector is bullish, going against the index can be risky. I also agree to your view that price may find support at 585 levels making that as the next higher low.
Reply
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