The IT sector has been making waves in the market recently, and one stock that has caught the attention of traders is Tech Mahindra. According to Sameet Chavan, a technical analyst at Angel One, Tech Mahindra has experienced a decisive breakout on the daily timeframe chart. The volume activity has also been on the rise, indicating a growing interest in the stock. Chavan believes that Tech Mahindra is an attractive option at its current levels.

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Chavan suggested a positional target of around Rs 1,225 for Tech Mahindra, with a recommended stop-loss at Rs 1,145. This target represents a potential gain of more than 5 percent in the coming days.

The stock has been performing well in the last month, further enhancing its appeal to traders.

Moving on to the pharmaceutical sector, Divi's Laboratories has been a consistent performer over the past few months. Chavan highlights the presence of a series of higher highs and higher lows across all timeframe charts, indicating a bullish trend for the stock. As a result, Divi's Laboratories is poised for a significant move towards the range of Rs 3,800-3,850.

To capitalise on this potential upward movement, Chavan advised traders to go long on Divi's Laboratories and set a stop loss at around Rs 3,620. This strategy aligns with the stock's positive momentum, which has seen it gain more than 6 percent over the past month.

Tech Mahindra and Divi's Laboratories present promising opportunities for traders seeking to make profitable moves in the market. Both stocks have shown favorable price actions and volume patterns, making them worthy considerations for investors.

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First Published:Jul 5, 2023 2:23 PM IST