Tech Mahindra Limited

Breakdown Below Major Support – Trend Reversal in Play? Timeframe: Daily CMP: ₹1,471 Structure Bias: Bearish continuation 📉 Structure Analysis – Support Turned Resistance Key observations from chart: • Strong uptrend from ₹1,400 → ₹1,850 • Sharp rejection near ₹1,850 (distribution zone) • Breakdown below ₹1,550 (major support) • Now trading near ₹1,450 demand ₹1,550 was prior consolidation base. Now price is below 26 / 52 EMA cluster. Trend has shifted from bullish to corrective. 🌊 Elliott Wave Perspective Probable structure: Wave (1): ₹1,380 → ₹1,850 Wave (2): Ongoing correction Current leg appears impulsive down (Wave A). If this completes A: ➡ Bounce (Wave B) possible toward ₹1,520–₹1,550 ➡ Followed by Wave C decline Wave equality projection: ₹1,300–₹1,280 zone Which aligns with your marked downside arrow. 📊 EMA & Momentum Signals • Price below 26 EMA • 26 EMA crossing below 52 EMA • Loss of medium-term momentum The dotted 225 EMA around ₹1,550 now acts as resistance. Until price reclaims ₹1,560, rallies are likely to face selling. 📌 AVWAP Logic Anchoring from recent swing high (~₹1,850): Price clearly below anchored VWAP. Every bounce failing near dynamic supply. Institutions likely distributing above ₹1,550. 🎯 Key Levels Resistance: ₹1,520–₹1,560 ₹1,650 Support: ₹1,450 (current test) ₹1,380 ₹1,300–₹1,280 (measured move) Break below ₹1,440 can accelerate selling. 📊 Fundamental Context Tech Mahindra: • Strong telecom exposure • IT sector sensitive to global tech spending • Margins cyclical with client budgets If global IT sentiment weakens, mid-tier IT corrects faster. Technically, structure suggests mean reversion phase.