The stocks from the IT sector have outperformed this year, courtesy the depreciation in the value of the Rupee and the better-than-expected earnings reported in the recent quarters. Tech Mahindra seems to have attracted buying interest if the recent price action is any indication. The sharp pick-up in volumes and the surge in price on Friday is a sign that the big ticket players are in action. Have a look at the weekly chart of Tech Mahindra featured below.
A few weeks ago, the stock registered a breakout past the Jan.22 swing high of Rs.1,158. After the breakout, the price consolidated last week and the buying interest has picked up since Thursday. Also notice in the above chart that the stock has edged above the middle blue line which is also a sign of strength.
The stock could now rally to the upper blue line at Rs.1,800+. As the blue line has an upward slope, the target would increase with the passage of time.
The bullish view would warrant a review if the stock falls below the recent swing low at Rs.1,200. Stop loss for long positions must be placed below Rs.1,200. Any pull back to the middle blue line would be an ideal opportunity to buy Tech Mahindra for a trip to Rs.1,800 and beyond.
(The view mentioned here is based on Technical Analysis of historical stock price action. Please read the Disclaimer)
- Merger of Navi Overnight Fund into Navi Liquid Fund and Navi Conservative Hybrid Fund into Navi Aggressive Hybrid Fund
- Intimation of suspension of subscription in Bandhan US Equity Fund of Fund
Winning Funds, Losing Streaks: Decoding the Mystery of Short-Term Underperformance
Wealth Conversations – November 2024- Notice of Change in Fundamental Attributes of DSP Equity & Bond Fund and DSP Quant Fund
Hi Krishna Kumar,
Will I get the alert for ‘sell” ..?
Hi Krishna Kumar,
Is there a training manual of how to use the fundsindia platform to get maximum benefit of your recommandatsions? Like, stop loss, how to put and for how many days will it remains as valid.. etc.,
Hi Hari,
We always put out the target in the blog post. You can exit when the target is hit. In the meanwhile, once price starts moving in your favor, then you must trail your stops using a 10-day average true range or any other method that you are comfortable with.
Those having equity trading account with FundsIndia can always ping me to get my suggestions on any given day. I’m available in the online “CHAT” platform during the week days. You can also mark a mail to me, if required.
You can get in touch with our equity team through the online chat window in the http://www.FundsIndia.com homepage. My colleagues would be more than happy to assist you navigate through the platform and to help you understand the facilities available in FundsIndia platform.
Hope this helps.
Regards
B.Krishnakumar
Hi Krishna Kumar,
Will I get the alert for ‘sell” ..?
Hi Krishna Kumar,
Is there a training manual of how to use the fundsindia platform to get maximum benefit of your recommandatsions? Like, stop loss, how to put and for how many days will it remains as valid.. etc.,
Hi Hari,
We always put out the target in the blog post. You can exit when the target is hit. In the meanwhile, once price starts moving in your favor, then you must trail your stops using a 10-day average true range or any other method that you are comfortable with.
Those having equity trading account with FundsIndia can always ping me to get my suggestions on any given day. I’m available in the online “CHAT” platform during the week days. You can also mark a mail to me, if required.
You can get in touch with our equity team through the online chat window in the http://www.FundsIndia.com homepage. My colleagues would be more than happy to assist you navigate through the platform and to help you understand the facilities available in FundsIndia platform.
Hope this helps.
Regards
B.Krishnakumar