Stock Picks - Buy Mindtree Ltd For Target Rs. 2340 - ICICI Direct
Technical Observations
* The stock is in strong up trend forming higher high and higher low in all time frame. It has registered a breakout above a bullish Flag pattern signalling continuation of the up trend and offers fresh entry opportunity
* We expect the stock to continue with its current positive momentum and head towards | 2340 levels as it is the price parity with the previous up move (|1712-2037) as projected from the recent trough of | 1938 signalling upside towards | 2340
* The share price earlier during March 2021 has registered a breakout above a major rising trendline joining previous highs of Oct’20 (| 1606) and Jan’21 (| 1820) highlighting acceleration of upward momentum and robust price structure
* 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 Mindtree Ltd @ 2140.00-2165.00 TGT 2340.00 SL 2040.00
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