Is Tech Mahindra on the verge of a correction ?

Tech Mahindra

Daily chart

• Tech Mahindra has broken below a 6 - month uptrend line and is showing weakness trading in a down trending channel

•  The stock is forming lower tops and lower bottoms     

• It’s advisable for short traders to sell the counter around 1780 – 1800 with a stop loss of 1825 for targets of 1723 / 1663 below 1600.

•  Long traders avoid the counter unless decisive close above 1825.

Raju V Angadi

Equity Research Analyst

 To know more about probable counts analysis on NIFTY, BANK NIFTY and CNX IT along with 5 stocks for the month check out our newsletters and advisory services contact us back on rvangadi@googlemail.com (OR) swingresearch5@gmail.com (OR) +91 78291 55900

     

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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets

Indian Oil Corporation - IOC

Daily Chart

•    IOC has bottomed out 192 and is trending up since then currently trading at 240 odd levels

•   The stock has clearly formed a higher bottom and higher top formation and has broken out above 230 and 240 which was a strong resistance from past 2 years on daily charts

•   The counter is in the 3^rd wave and also in an uptrending channel

•  For long traders, it’s strongly recommended to buy the counter at CMP (240) 50% and on dips up to 234 for targets 255 /268/280 with a stop loss below 227 on closing basis.

Raju V Angadi

Equity Research Analyst

 To know more about probable counts analysis on NIFTY, BANK NIFTY and CNX IT along with 5 stocks for the month check out our newsletters and advisory services contact us back on rvangadi@googlemail.com (OR) swingresearch5@gmail.com (OR) +91 78291 55900

     

To swing your fortune higher join us and be ahead to track market turns ....

Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets