Published on 22/12/2020 12:24:20 PM | Source: ICICI Direct

Stock Picks - Buy Mphasis Ltd For Target Of Rs. 1540 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #IT Sector #Mphasis Ltd #Trading Report #ICICI Direct

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Technical Observations

* The stock has recently generated a breakout above the last three months triangular consolidation pattern thus offers fresh entry opportunity

* The base of the entire consolidation is placed at the 50 days EMA (currently placed at | 1322) which has acted as strong support for the stock since May 2020.

* Structurally, the stock has already taken 10 weeks to retrace just 50% of the preceding five weeks rally (| 1082-1564). A shallow retracement highlights a higher base formation and a robust price structure

* The daily MACD is in up trend and has recently generated a buy signal moving above its nine periods average thus validates positive bias

* We expect the stock to continue with its positive momentum and head towards | 1540 levels as it is the 138.2% external retracement of the recent breather (| 1465 to 1281) placed at | 1540 levels

Buy Mphasis Ltd @ 1395.00-1414.00 TGT 1540 SL 1320


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