Buy Tech Mahindra between Rs 2680 and Rs 2700.:: HDFC Securities

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Observation:
Tech Mah has broken out last Friday of its recent narrow trading range between the 2500 and 2630 levels. The
stock was trading within this range for the last three weeks. Friday’s breakout was accompanied with higher than
average volumes, indicating that there was significant accumulation.
Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and medium
term (50-day SMA) moving averages.
Momentum indicators like the 14-day RSI too are in rising mode and not yet overbought. The 14-day RSI is also
above its 9-day EMA, which is a healthy signal for the stock. Given the positive technical set up, we believe the
stock has the potential to move higher in the coming days.
The upmove is likely to accelerate once the stock crosses the current lifetime highs of 2734. Our entry levels along
with the stop loss and targets are given above.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010656