TECHM: Ride the Wave to New Highs

Overview:
The 1-hour chart for Tech Mahindra Ltd. (TECHM) showcases a corrective Elliott Wave pattern (b, (B), (C)) and highlights potential price movements, key levels, and target zones. Let's dive in! 🚀

1. Key Levels and Zones:

1. Wave Analysis:
   
   The chart depicts a corrective wave pattern labeled as b, (B), and (C).
   Wave b is currently in progress and expected to complete in the zone of ₹1,645–₹1,658. 📉
   
2. Target Zones:First Target Zone:₹1,785–₹1,795 🎯
   Second Target Zone:₹1,824–₹1,841 🎯
   These levels are based on the completion of Wave (C) and represent potential upward targets.
   
3. Stop Loss (Day Close):
   
   Suggested stop loss at ₹1,638 to manage risk in case Wave (C) fails to complete as anticipated. 🛑
   
4. Volume Analysis:
   
   Volume bars indicate trading activity and can confirm the strength of price movements. 📊
   

📈 Trading Plan:

Entry:

Consider buying within the Wave (C) completion zone: ₹1,645–₹1,658.
Expectation: Corrective wave completes in this zone, leading to upward movement.
Targets:

First Target: ₹1,785–₹1,795 🎯
Second Target: ₹1,824–₹1,841 🎯
Stop Loss:

Place a stop loss at ₹1,638 to limit downside risk. 🛑
Short-term Trading Opportunity:

These target zones are ideal for short-term swing trades or futures and options (FN) positions.
Conclusion:
This trading plan offers a strategic entry and potential profit zones based on Elliott Wave Theory. Monitor price action and volume closely for confirmation.

Disclaimer: This analysis is for educational purposes only. Conduct your own research or consult a financial advisor before trading.