MPHASIS - TRADE OPPORTUNITY ON LONG SIDE
Symbol - MPHASIS
CMP - 2251
Mphasis, a global provider of Information Technology solutions specializing in cloud and cognitive services, leverages next-generation technology to assist enterprises in transforming their businesses worldwide.
Recently, Mphasis has experienced a decline due to selling pressures in Nasdaq and U.S. IT stocks, as well as negative data and news flow related to the IT sector. Currently, Mphasis is approaching a crucial support zone in the range of 2250–2180 which has held since July 2023
I anticipate a significant rebound from this level, which is why I am entering long positions in Mphasis Futures at the current market price of 2251. Should the price reach the 2200 range, I will consider adding additional positions. To manage risk, my stop-loss is set at 2170, providing protection in case the support zone fails to hold and the price moves lower. On the upside, I am targeting price levels of 2400 and 2500
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
CMP - 2251
Mphasis, a global provider of Information Technology solutions specializing in cloud and cognitive services, leverages next-generation technology to assist enterprises in transforming their businesses worldwide.
Recently, Mphasis has experienced a decline due to selling pressures in Nasdaq and U.S. IT stocks, as well as negative data and news flow related to the IT sector. Currently, Mphasis is approaching a crucial support zone in the range of 2250–2180 which has held since July 2023
I anticipate a significant rebound from this level, which is why I am entering long positions in Mphasis Futures at the current market price of 2251. Should the price reach the 2200 range, I will consider adding additional positions. To manage risk, my stop-loss is set at 2170, providing protection in case the support zone fails to hold and the price moves lower. On the upside, I am targeting price levels of 2400 and 2500
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.