The fear of Coronavirus breaks the bullish trend of Tech Mahindra

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The Indian IT companies have established the businesses across the country and globe with the help of strategic investments and acquisitions which has helped them to build new age technologies and solutions. Tech Mahindra is one the leading provider of digital transformation, consulting, business reengineering services and solutions which have partnered with companies situated across the globe in order to increase their presence in the market. The company has been focused on developing new digital technologies and transformations as it has been signing deals with its partners. Tech Mahindra is also known for its strategic merger and acquisitions which contributes to their development and revenue. Recently, the company acquired an US-based Zen3 Infosolutions for $64 million in a cash deal which has increased its exposure to the area of expertise in providing digital transformation and solutions.
The Ichimoku cloud indicator shows the upward trend for the stock as the business continues to be good for the company with the formation of green clouds indicating an upward trend in the prices. Eventhough the candlesticks formed are bearish, the formation of bullish engulfing pattern of the candlesticks portrays the bullish trend for the stock. The lagging indicator also shows an upward trend as the indicator moves towards an upward direction. Also, the base line is above the conversion line indicates a buy signal for the stock and also the financial condition of the company helps to absorb the losses faced due to the pandemic.


The company is also promoting “Wellness before Business” slogan which shows their concerns about the employees rather than the business. The Coronavirus outbreak have caused the company to shut down their operations and focus on the well-being of the people by taking preventive measures. The Bollinger band chart also shows the downfall in the share price of the company as the spread of COVID-19 increased in the country. The costs of the company are being controlled with the process of freezing the bonuses and hikes as the companies are struggling to do their business. Also the discretionary expenses of the company are less than its competitors which decreases their expenses and would also contribute to their profits. The Bollinger band width has expanded which has also increased the scope for changes in the price and trading with the help of support and resistance levels would fetch profits.

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