Note: This is for educational purpose only.
21 EMA is above 55 EMA which indicates short term uptrend. 21 EMA has been acting as dynamic support previously as well.
Moreover, there seems to be a bullish engulfing on 21 EMA. RSI above 60 indicates bullish momentum.
Buy Tech Mahindra @ CMP of 726
Target - 736, 746 SL - 716
(Resistance at 730 - 732.2 Zone)
Stock is moving in up trending channel. Expecting continuation of trend after retracement.
Trading near trend line & Moving average support.
The stock has many tail that is it shows price rejection.
Already formed a triangle pattern break was up-direction.
Then followed up with impulsive wave and corrective wave.
Currently the stock is near the small support line.
Below the support line 535 can be consider as bearish.
Buy 538-540 level target 554 to 568. stop-loss 10 point or based on your risk.
Sell Near 718-720 Levels With the stoploss of 727 Target 700 and 690
Reasons For Trade- 1. Daily Trend Is down 2.Price has seen excess selling on channel resistance 3 times 3. 725 is IMP resistance on daily chart. 4.Risk Reward Ratio is more than 1:2