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Published on 9/06/2021 11:16:39 AM | Source: ICICI Direct

Stock Picks - Buy Mindtree Ltd For Target Rs. 2670 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Trading Report #Mindtree #ICICI Direct #Information technology consulting

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Technical Observations

* The midcap IT space continue to outperform with most of the stocks p

* The share price of Mindtree is in a secular uptrend forming higher peak and higher trough in all time frame

* It has recently generated a breakout above seven weeks range (2310-1951) signalling acceleration of the up move

* We expect the stock to head towards | 2670 levels in the coming weeks being the measuring implication of the recent range breakout (2310- 1950=360 points) added to the breakout area of 2310 signalling upside towards 2670 levels

* Among the oscillators the weekly 14 periods RSI is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias in the stock

Buy Mindtree Ltd @ 2390.00-2445.00 TGT  2670.00 SL 2285.00

 

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