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The stock of Tech Mahindra, after seeing some moderation in price in the second half of December, has largely stayed flat since the start of this month. It has been oscillating in the range of ₹1,635-1,725. This week, the scrip declined, and it closed at ₹1,645.50 on Tuesday. Nevertheless, the broader trend has been bullish, and since it is now near the lower boundary of the range, there is a good chance for a rally to ₹1,725. Hence, traders looking for short-term opportunities can consider the stock of Tech Mahindra. Go long at ₹1,645 and place a stop-loss at ₹1,610. When the price rises to ₹1,680, trail the stop-loss to ₹1,640. Tighten the stop-loss to ₹1,675 when the stock touches ₹1,700. Liquidate the longs at ₹1,725.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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