Tech Mahindra likely to go down further

When every other stocks cheers the market, IT is the one of the sector beaten down heavily because of rupee appreciation and political change in USA. Tech Mahindrea is not an exception; it is just following what the industry is following. The stock went down by 100 rupees from it’s recent high of 515 levels. Now it is trading near the crucial support of 405 – 407 levels. It is failed to surpass the previous high of 564 and following lower high in the candlestick chart.

Tech Mahindra is showing weakness in weekly candlestick chart.
Tech Mahindra is showing weakness in weekly candlestick chart.

The formation of lower high and trading near the support line is not a healthy sign for Tech Mahindra. It is likely to head down further if it breaks the important support levels.

Muthuraj Paulraj

Passionate about investing and trading in Options.