Stock name: Tech Mahindra

Pattern: Near support

Time frame: Daily

Observation:

The stock has been into a consolidation for more than 6 months, after falling 40% from the top.

The stock is currently near the support area of the said consolidation. If the stock bounces off the support, we can see some up-move in this stock. However, if it breaks the support area, then more weakness can be seen in this stock in the coming times.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q3 results update: SRF Limited
Consolidated revenue 3.7% up YoY
Consolidated PBT 13.56% down YoY
OPM at 24%

2) REC Limited has declared its Q3 earnings along with an interim dividend for the financial year 2022-23 of Rs. 3.25 per share.

3) The Union budget will be presented tomorrow and hence the volatility in the market and IV’s of options will be very high.

4) Ajanta Pharma, Alembic Pharma, Ashok Leyland, Britannia, Gillette India, IDFC, Jubilant Foodworks, Redington, RPG Lifesciences, RS Software, Tata Chemicals, Timken, UTI AMC, Whirlpool and Zuari Agro Chemicals are amongst the companies which will post their quarterly results tomorrow.