Short
Mindtree: Classic rising wedge breakdown
Mindtree closed at Rs. 970 on Friday, confirming a classic rising wedge breakdown – a bullish-to-bearish pattern. The share, however, picked up a bid today and rose to Rs. 981.75, weakening the immediate bearish view.
The path of least resistance, however, is still the downside and the rising wedge breakdown would gain credence once the price falls below Rs. 962, creating room for a sell-off to Rs. 930.
Also, I would be a seller if the price faces rejection or fades spike above the high of Rs. 983.50 today. That said, the bearish outlook would be neutralized if the price finds acceptance above $983.85 (Friday's high) on the back of strong volumes.
The path of least resistance, however, is still the downside and the rising wedge breakdown would gain credence once the price falls below Rs. 962, creating room for a sell-off to Rs. 930.
Also, I would be a seller if the price faces rejection or fades spike above the high of Rs. 983.50 today. That said, the bearish outlook would be neutralized if the price finds acceptance above $983.85 (Friday's high) on the back of strong volumes.
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