Tech Mahindra has closed below a crucial long time support level and also closed below 50 SMA .
Creating lower highs and One can go short accordingly after a pullback .
Expecting levels of 685 / 655 now.
tested 50 dma and failed to cross.. and formed a evening star kinda pattern.. and is sitting on 100 dma and 20 dma..
20 dma is below the 50 and 100 dma signalling weakness..
expecting the stock to test 200 dma around 660 and maybe 640 where the 50 weekly ma is..
NOTE: Anaysis is my personal view. please do due diligence before trading.
THIS FIRST DAY STOCK HAS SHOW SOME FIGHT BETWEEN BULLS AND BEARS , BUT BULLS MANAGED THE DAY ENDED UP NEAR THE DAYS OPEN THIS IS THE STARTING POINT WHERE MARKET EXPECTS SOME POSITIVE RESULTS FROM THE COMPANY
ON NEXT DAY EVEN THOUGH THE DAY SEEMED TO CONTROLLED BY BEARS, WE SHOULD NOTE A VERY IMPORTANT POINT THAT BULLS DOESN'T LET THE BEARS GO ...