January 16, 2018 / 6:23 AM / 6 months ago

BUZZ-India's Tech Mahindra hits over 2-yr high; technicals show further upside

** Shares of IT services company Tech Mahindra rise as much as 3.26 pct to 561.5 rupees, highest since Nov. 4, 2015

** Stock breaks above a resistance at 548 rupees, the 50 pct retracement level of the downtrend from Feb. 2, 2015 high of 739.87 to May. 29, 2017 low of 356.65 reut.rs/2D9oe3r

** Breakout suggests the stock may now move towards the next resistance at 593.5 rupees, the 61.8 pct retracement level

** Stock is in strong uptrend as suggested by the trend intensity (TI) indicator at 29

** Tech Mahindra is undervalued relative to the sector; stock trades at a 12-month forward PE of 14.46x compared with a PE of 17.77x for the IT sector and 19.91x for large and mid-cap stocks in India

** Number of “strong buy” recommendations for Tech Mahindra increased by one to a total of nine in the past one month; 16 others rate the stock “buy”, eight “hold”, seven “sell” and three “strong sell”

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