Analysis of Tech Mahindra (NSE) Chart with Trend, Support, Resistance, Target & Stop-Loss
- Trend Overview: The chart indicates a downtrend, as seen from the descending trendline (purple line).
Price has been making lower highs and lower lows, confirming a bearish sentiment.
Recently, the stock attempted a pullback towards resistance but is still below key levels.
- Support & Resistance Levels: Support Levels:
₹1,381.80 – Strong support (marked in red).
₹1,384.20 (0.786 Fibonacci level) – Important retracement level.
₹1,409.30 – Intermediate support.
Resistance Levels:
₹1,426.20 (0.618 Fibonacci level) – Crucial resistance.
₹1,433.80 – Another resistance zone.
₹1,455.70 (0.5 Fibonacci level) – Stronger resistance.
₹1,483.90 (0.382 Fibonacci level) – Major resistance.
- Target & Stop-Loss: Target:
If price sustains above ₹1,426, the next target could be ₹1,455 – ₹1,485.
A breakout above ₹1,455 may push the price towards ₹1,483.
Stop-Loss:
If the stock fails to hold above ₹1,426, the stop-loss should be below ₹1,409.
A breakdown below ₹1,409 can lead to further downside towards ₹1,384 or even ₹1,381.
- Trade Strategy: Bullish Scenario:
A breakout above ₹1,426 with volume can push the stock towards ₹1,455–₹1,485.
Buy above ₹1,426 with a stop-loss at ₹1,409.
Bearish Scenario:
If the stock fails to sustain above ₹1,426, it may fall back towards ₹1,409 or ₹1,384.
Shorting opportunities below ₹1,409 with a target of ₹1,384.
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