Tech Mahindra – 18 May 2017

The overall outlook is still rather neutral with only a slight bearish undertone. The lack of bullish activity while the broader market has been showing gains is a sign of underlying weakness. The slightly lower peaks (575 –> 550 –> 507) support this view. Focus is on the key support zone around 407/397. A major break below this zone triggers a strong sell signal towards minimally 314.

Due to the somewhat bearish bias we suggest avoiding this stock or do some range trading at most.

  • Current trend: neutral
  • Outlook/expectations: uncertain
  • Strategy: avoid / range trading only
  • Support: 407 / 397 / 314*
  • Resistance: 512 / 575 / 742+

Weekly chart Tech Mahindra (Weekly)

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