Seeing a potential for short term pullback as with many other names I've been tracking. If we break the longterm trendline then potential for 521 around 11/25. Long term to next year I am bullish with an interesting alignment of 1181 on November 18.
Coforge is taking support on a trendline on 4 Hour timeframe.
And taking a horizontal support too at around 2420.
And according to the short term fibonacci it is exact at 0.236 and according to medium term like from 21 Dec it's at 0.786.
If it takes support at 2420 and Nifty is also bullish then wait for an 1 Hour candle to close above 2450.
Summary For Swing...
Both for Intraday & Swing. Tech Mahindra has been consolidating for a 2-3 days. It can give a breakout either for long or short. No Trade Zones has been given, if it breaks either of it, it will give good targets.
As published earlier with little bit information about TECHM, i am feeling very bearish on this stock of upto levels of 465, and beyond that is a bonus one can dream of.
A complete beautiful inverse bear pennant. it will follow the yellow line towards the last white line. if not will consolidate but not break the red line (Unless with volume) which is unlikely...
i have selected tech mahindra by current market situation and it start accumulating, if it hits the price 590. we can expect the rally. i have used patterns like price action, channel and indicators RSI, MACD, bolinger bands.
Other than the points mentioned on my instagram IGTV @kotfotrading , from a longer time frame the current price is near to Fibonacci 38.2 level.
Buyers are dying out and I think this could be the last rally before TECHM starts falling (for short term). Also the 700 price zone is a Value area and Point of control on Volume Profile. Market is closed on Monday so...
- Every time the Stock has hit a new high, it has retraced 23.6%.
- Following to which the stock has rallied to about half of the retracement.
- Based on the same, the next likely target is Rs. 900
- Looks like wipro has taken support from its all time trend line
- However, volume seems to be big of concern
- Dropping volume indicates that its more likely to fall than rise
- Further I don't see any respite coming through in USD
- If it breaks 280 level and the breakout is sustained, the next target shall be 255 levels
