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

According to the analyst from Anand Rathi, SBI has not seen any meaningful correction, and the stock now hovers near the multiple tops zone.

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).