Tech Mahindra breaks out from consolidation phase since April 2022, hitting fresh 52-week highs. Short-term traders can buy stock on dips for target of 1575 in 5-6 weeks. Stock rose over 10% in a week and 16% in last 3 months. Momentum helped stock breakout from consolidation phase. It is now trading above crucial short- and long-term moving averages. RSI is at 68.7, MACD is bullish. Stock has been consolidating in range of 950-1300. Fresh breakout above key resistance level of 1300. Delivery buying suggests long build. Buy stock for upside target of 1570-1575 with stop loss below 1200.
On the daily charts of Tech Mahindra, we are observing a strong positive price action with high volume. Further, momentum indicator viz. RSI is positively poised.
For the quarter ended 30-09-2023, the company has reported a Consolidated Total Income of Rs 13128.10 Crore, down -1.67 % from last quarter Total Income of Rs 13350.70 Crore and down -2.17 % from last year same quarter Total Income of Rs 13419.65 Crore. Company has reported net profit after tax of Rs 513.80 Crore in latest quarter.
BPCL, JSW Steel Ltd, HDFC Bank Ltd, ICICI Bank Ltd and Reliance Industries Ltd and are five Nifty constituents that have contributed 73 per cent to the incremental YoY accretion in earnings.