Mphasis Double Bottom Looking good for a Swing/Postional Trade

Jan 25

MPHASIS this week showed excellent price action on the back of decent Q3 Results and Management Commentary of Revenue during the quarter was driven by strong growth in the Banking and the Technology, Media & Telecom segments coupled with healthy revenue ramp-up in new clients despite the current quarter being a seasonally soft quarter. Consolidated revenue was up by 0.7% QoQ while net profit was up by 1.1% during the same period. The management stated that sustainable EBIT margin would be in the range of 14.6%-16%.

F&O Activity:
Significant Long Build-up with 2900 PUT Showing Significant OI addition.

Trade Setup:
It can be a Good 1:1 RISK-REWARD Trade with the recent double-bottom base being crucial. After making a double bottom the stock started a pullback with decent volumes. RSI also gaining momentum, indicating a continuation of the recent up move. When should I enter? ideally 50% near 3000 and the remaining 50% near 2950.

Target(Take Profit):
3260/3565 Levels for Swing/Positional Trader.

Stop-Loss:
Entry Candle Low For Swing Trader and Recent Base of 2758/2730 for Positional Trader.

📌Thank you for exploring my idea! I hope you found it valuable.

🙏FLLOW for more
👍BOOST if useful
✍️COMMENT Below your views.

Meanwhile, check out my other stock ideas below until this trade is activated. I would love your feedback.

Disclaimer: This analysis is intended solely for informational and educational purposes and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.

Jan 28

Note

Testing 20 DSMA

Jan 29

Trade active

After giving Pullback today again crossed it's breakout levels

Jan 30

Note

Bearish Engulfing Candle as all IT stocks were down

Jan 31

Note

Trying to Consolidate near Base Given, RSI and MACD Neutral

Feb 3

Note

Still Trying to Consolidate near Base Given, RSI and MACD Still Neutral