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TechM Looks At Global 5G As Huge Opportunity; What Does Short Term Chart Says??

TechM looks at global 5G as huge opportunity; what does short term chart says??

Fifth biggest domestic tech company TechM is looking at upcoming 5G roll-outs in global markets as a big opportunity and is on the right trajectory in its communications vertical to achieve ‘gradual growth’ from now on, a top official has said.

In the recent past, communications, which has traditionally been the mainstay for TechM, had delivered mixed results due to difficulties faced by the sector around the world, but the company surprised with a 4% growth in revenue in the September quarter compared to the preceding three months.

The communication vertical accounted for 41.5% of its Rs 8,629 crore revenue in the September quarter. The revenue share of the segment had stood at 45.2% in Q1FY18, which had steadily declined to 39.6% by Q1FY19 before going up.

The company is working on ways to up the margins, including automation, increasing utilisation, more efforts on training so that employees can start working on projects quickly and pursuing the right business mix, Chief operating officer L Ravichandran said.

Stock has recovered quite well in the recent times taking support at the monthly TS line while has approached towards the short term resistance zone. Dropping down to lower timeframe charts, the 61.8% retracement of the recent decline with previous range high at the current juncture will hold the rally for now. Momentum indicators have not yet shows complete bullish sign as RSI recovery is awaiting the 60 levels to be broken while DI+ line has just started to show the trend direction. Momentum needs to pick up for the rally to continue. On larger timeframe chart, Stock recovery has led momentum to sustain at the bullish territory with minimal damage. Thus, the trend is quite clear until the lows are broken. Thus, fresh up move will be witnessed if stock sustains and closes above the levels.

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