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Technical Observations

* The IT index has endured strong momentum in the CY21 by tracing in the vicinity of fresh all time high. Within midcap IT space we remain constructive on Mindtree

* The share price of Mindtree has seen a faster pace of retracement as it retraced past six sessions decline (1780-1652) in just two sessions, signifying structural improvement. Thereby offering fresh entry opportunity to ride the next leg of up move

* The stock has rebounded after taking support at the 20 days EMA that coincided with recent breakout area of past two months range (|1605-1262) signalling robust price structure and strong support at lower levels around | 1600 levels

* The daily stochastic oscillator exited from oversold territory and logged a bullish crossover indicating positive bias

* Therefore, we expect stock to resolve higher and head towards |1870 levels as it is the 161.8% external retracement of the recent breather ( | 1780 to 1652) placed around | 1859 levels

Buy Mindtree Ltd @ 1690.00-1715.00 TGT 1870 SL 1590.00

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