Breaking down after consolidation, the stock has now hit the Trendline support at around 900. Also 38% Fibonacci levels coincides at the same price and 900 being a round number, one can expect a move up at least as a pull back for a greater bear trend as seen in chart.
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Mindtree Sell between 958-960 With Stoploss of 970 For Target of 940-920 (positional) Reasons For Trade- 1.Price has Broken the important Support of 960 On Daily Chart Which has now become resistance 2.Price has broken the range of more than 3 months. 3.Price tend to retrace after a fall which is near to 960 levels.(38.2% Fibbo Level 4.Price has strong horizontal...
After 10 weeks of consolidation, Mindtree looks to break down from the range. However, it would be better to wait for a daily close below 964 for confirmation. Noticeable supports are at respective Fibonacci levels and a rising trendline.
Mindtree has formed descending triangle and can be shorted below 969.
Entry = 969
tgt1 = 965
tgt2 = 960
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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....
Currently@resistance. Moving above current price may lead to 1005 which is Trend line resistance.Any breakout from there leads to 1028.Unless trend line resistance is not crossed on closing basis, chances of profit booking.
Mindtree already broke Momentum Support and Fell sharply, Recent Upside recovery is very Sloppy and in Narrow Range.
Already there are News going on this Stock in terms of Buy Back and Hostile take over by LT Infotech.
I expect Stock to continue its downside from here and keep falling. LTP 939 Expect Drop till 500 Level.
Would suggest to exit the current...
one more bullish day can set good upside move in this stock breaking the range
great stock in IT space current valuation are not cheap and not that higher i guess getting for a good rally ,
In Next phase