May 22, 2019 / 4:59 AM / 4 months ago

BUZZ-India's Tech Mahindra plunges on profit miss; technicals suggest end of uptrend

(Adds technicals)

** Shares of Tech Mahindra Ltd fall as much as 3.7% to 744.2 rupees, their lowest since Feb. 5

** Software services provider’s reported 7.4% fall in March-qtr profit, which fell short of analysts’ estimates

** Total tax expense rose 25.8%

** About 2.2 mln shares change hands in early trading, compared with 30-day average of 2.4 mln shares

** In comparison, rival Tata Consultancy Services Ltd posted a 17.7% jump in qtrly profit, while MindTree Ltd reported an 8.8% surge in profit

** Stock formed a double top reversal pattern and cuts below it's support line at 761.6 rupees, a close below which may result in the reversal of the uptrend tmsnrt.rs/2EqaEem

** RSI line had cut below the 40 level on Monday, seen as a bearish sign

** MACD is negative and below its signal line

** In the near term, stock has support at its 200-day exponential moving average and at 730.9 rupees, the 23.6% Fibonacci retracement level (Reporting by Harish Bhaskar and Gaurav Dogra in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below