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* On an option front, we are seeing Long Built up in “Out the Money” CE strike price as well as in “At The Money” CE strike price while we are seeing Short Built-up position in “Out Of The Money” PE strike price, this type of structure indicate northward movement in the counter.
* On a daily chart, the stock has given a breakout of its upper band of Falling Wedge formation which is a reversal formation and signifies a bull run in the counter.
* A daily momentum indicator RSI’s reading is at 42.74 level with positive crossover which points out for a positive breath in the counter.
* Based on the above technical structure, we expect a bullish move in TECHM 650 CE.
Buy Tech Mahindra Ltd @ Options Ran Neeti Stoploss 23.80 Target 38.80 CMP 28.80
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