Buy near: Rs 1,030
Objective: Rs 1,100
Stop Loss: Rs 990
After a corrective move followed by some consolidation, Tech Mahindra stock is gearing up for further upside.
On the daily chart, it confirmed a higher bottom formation and this indicates a reversal. At this point, the stock is poised to take another break above Rs 1,045.
Thus, we advise traders to buy the stock near Rs 1,030 for an upside target of Rs 1,100 in the coming sessions.
Sell below: Rs 530
Objective: Rs 510
Stop Loss: Rs 540
Recently, SBI stock rebounded more than 10% from lows of Rs 475 without any significant correction.
At present, it is hovering near the multiple highs area of Rs 540. On the daily scale, we are seeing a Doji candlestick pattern which indicates the possibility of cooling.
Thus, we advise traders to sell the stock below Rs 530 in futures for a bearish target of Rs 510 in the coming sessions.
(Mehul Kothari - AVP - Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
Dear reader,
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.
digital editor