MPHASIS - TRADE OPPORTUNITY ON LONG SIDESymbol - 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!
