MPHASIS - bullish ABCD tgt 3080-3114

Mphasis Ltd. is an interesting chart with following

1. High Trade and Delivery quantity
2. Increasing Relative Strength to bench mark index and sectoral index
3. Close within 52 week high zone + above last month's high
4. Both SRS and ARS above zero
5. RSI on all time frames above 60
6. Narrowing Bollinger Bands on Daily chart
7. Price Moving on upper Bollinger Band on daily chart
8. ABCD Pattern under formation on daily Chart
9. Break out and retest of Cup and Handle Pattern on Weekly chart.

Major Support at 2590 zone being 20 SMA and positional support near 2490 to 2440 zone

Can be a good risk reward with buy on dips and dips only with stop loss as per one's own risk reward matrix and for targets of 2970 and 3114 respectively in near term

Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
Trade closed: stop reached:


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