Tech Mahindra Limited (TECHM) Stock - Complete Technical Analysis - Nov 05, 2024

Tech Mahindra Limited: Technical Analysis & Market Insights Must-Watch for Traders

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Tech Mahindra Limited, currently priced at 1,632.65, shows critical technical indicators signaling a potential shift in momentum. The stock is 7.33% below its 52-week high and remains 46.14% above its 52-week low. The recent formation of a Bearish Harami and Spinning Top candlestick patterns indicates indecision and a potential bearish trend. The Average Directional Index (ADX) stands at 23, suggesting a trendless market, while the Relative Strength Index (RSI) is around 45, indicating neutral territory.

Moreover, the Stochastic %K is at 17.65, pointing to possible oversold conditions. The stock's short-term moving averages are below longer-term averages, signaling a bearish trend. Significant price volatility is evident, particularly with a sharp drop from a high of 1,704.10 to a low of 1,595.55 within a short span.

Critical support levels are noted at 1,538.48 and 1,468.32, with resistance observed at 1,720.33 and 1,832.02. Traders should keep an eye on these levels for potential breakout or breakdown scenarios, assessing the overall market sentiment and volume to make informed trading decisions.