Makar Sankranti Pick: Sumeet Bagadia Calls TECHM A Buy For TP of 1430/1500

Tech Mahindra's shares closed at Rs 1,308 on the NSE on Friday, up 4.69% from the previous closing of Rs 1,249.40. In 2024, Tech Mahindra's shares have gained 3.05% YTD and 11.30% in the last six months. Tech Mahindra is all set to announce Q3 results ended 31st December on 24th January however ahead of the result announcement, Sumeet Bagadia, executive director of Choice Broking us bullish on the stock and has recommended to buy as his Makar Sankranti Pick for Monday, 15th January.

Tech Mahindra Share Price Target

Buy TECHM @ 1305 and add Upto 1270 for the Target of 1430/1500

TECHM is currently trading at Rs 1305, exhibiting a Cup & Handle pattern accompanied by significant trading volume. Market expectations suggest the possibility of further upward movement, with a potential target of around Rs 1500. On the downside, substantial support is observed near Rs 1190.

Image source: Choice Broking

Additionally, TECHM is trading above key Exponential Moving Averages (EMAs) - the 20-day, 50-day, and 200-day EMAs, signalling a robust bullish momentum and suggesting the potential for sustained upward price action. The Relative Strength Index (RSI) stands at 61, affirming an upward trajectory and supporting an increase in buying momentum.

A prudent strategy involves considering buying opportunities on market dips, particularly at levels around Rs 1270. In summary, given the technical analysis and prevailing market conditions, TECHM presents a promising buying opportunity for those eyeing a Rs 1430 & Rs 1500 price objective.

Tech Mahindra News

"Tech Mahindra Ltd. (NSE: TechM / BSE: 532755), a specialist in digital transformation, consulting, and business re-engineering services, will announce its audited results for the third quarter and nine months ended 31st December 2023. The Fact Sheet, Press Release and other supporting documents will be available on Tech Mahindra's website. Following the release, a conference call will be hosted where Tech Mahindra's management will discuss the performance of the quarter and year-to-date and answer participants' questions during the call. To participate in the conference call, callers can dial the relevant numbers mentioned in the schedule given below. A replay of the conference call will be available after the call until 31st January 2024. The transcript & audio recording of the conference call will be uploaded on Tech Mahindra's website. The call is scheduled at 6:30 PM IST (9:00 PM in Hong Kong and Singapore, 1:00 PM in London and 8:00 AM in New York) on 24th January, 2024," said the IT giant in a stock exchange filing on 10th January.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.