MPHASIS - TRADE OPPORTUNITY ON LONG SIDE

Feb 28

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!

Mar 4

Trade active

Added more at 2200

Avg buy price is 2225 now
Holding with SL 2170

Mar 5

Note

CMP 2325

Future position +100 rupees in profit.
Holding with cost SL now.

Mar 6

Note

Reached 2370

+145 rupees in profit.

Mar 11

Trade closed manually

Closed at 2300 with trailing SL.
Future position closed +75 rupees in profit.

Mar 22

Note

CMP 2430

Although I exited my position with trailing SL but target reached as anticipated.

Mar 25

Note

Both targets were reached.