Tech Mahindra: Cup & Handle Breakout with Multi-Signal Bullish Setup 📈

1️⃣ Elliott Wave Structure – Beginning of a Strong Impulse The correction from the 2022 peak appears to have completed a Wave 2 retracement. The rounded base formed from 2022–2024 represents a Wave 3 launchpad. The recent breakout above the ₹1,600–₹1,650 zone indicates the start of a Wave 3 impulse, which typically delivers the largest price expansion in Elliott theory. 📌 Implication: A sustained move above ₹1,800 can trigger a rally toward ₹2,500–₹2,600, aligning with the projected upside shown on the chart. 2️⃣ MACD Divergence – Momentum Turning Positive During the 2023 lows, price made lower bottoms, but MACD showed higher bottoms, creating a bullish divergence. This signals that selling pressure is weakening and buyers are gaining control. The MACD crossover in early 2025 confirms that the trend has shifted upward. 📌 Implication: Momentum supports the breakout and suggests further upside. 3️⃣ AVWAP Acting as Support The Anchored VWAP (AVWAP) from the 2022 high is now acting as a key dynamic support level. Price has bounced multiple times from this AVWAP, confirming it as an institutional accumulation zone. 📌 Implication: As long as price holds above ₹1,600, the uptrend remains intact.