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HomeFinanceTrading Strategies: Mehul Kothari recommends to buy Tech Mahindra, sell SBI

Trading Strategies: Mehul Kothari recommends to buy Tech Mahindra, sell SBI




BUY



Tech Mahindra


Buy Near: Rs 1,030


Target: Rs 1,100


Stop Loss: Rs 990


After a corrective move followed by some consolidation the stock Tech Mahindra is preparing for some fresh upside.


On the daily chart it has confirmed a higher bottom formation and that indicates a reversal. At this point in time the stock is on the verge of fresh breakout above Rs 1,045.


Thus, we advise traders to buy the stock near Rs 1,030 for an upside target of Rs 1,100 in the coming sessions.


SELL


SBI


Sell Below: Rs 530


Target: Rs 510


Stop Loss: Rs 540


Recently the stock SBI has rallied over 10 per cent from the lows of Rs 475 without any meaningful correction.


At this point in time it is hovering near the multiple tops zone of Rs 540. On the daily scale we are witnessing a Doji candlestick pattern which indicates possibility of some cool off.


Thus, we advise traders to sell the stock below Rs 530 in futures for a downside target of Rs 510 in the coming sessions.


(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

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