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Technical Observations

The midcap IT space remain in strong up trend as most of the stocks are registering fresh all time high. The share price of Mphasis remain in bullish trend forming higher peak and higher trough in all time frame. It has registered a breakout above the last three months consolidation range (| 1810-1575) signalling strength and offers fresh entry opportunity

We expect the stock to continue with its current positive momentum and head towards | 2020 levels as it is the measuring implication of the last three months range breakout (1810- 1575)

The breakout above the last three months range is supported by strong volume of more than three times the 50 days average volume of 5 lakhs share per day highlighting larger participation in the direction of trend

The daily 14 periods RSI has formed a higher base above its nine periods average and is resuming up move thus supports the positive bias

Buy Mphasis Limited @ 1840.00-1855.00 TGT 2020.00 SL 1765.00

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