The stock of Mphasis has been in an uptrend since April. After a corrective decline over the past two weeks, it now appears to have resumed its rally, having found support at ₹2,600, where the 38.2 per cent Fibonacci retracement of the prior upswing coincides.
Last Friday, the stock formed an inverted hammer candlestick pattern, and as it would indicate, the price has been moving up since then. The overall chart set up hints at a rally to ₹3,100 in the near term. So, traders can go long at ₹2,787 and buy more shares if the price dips to ₹2,720. Place stop-loss at ₹2,590.
When the stock rises to ₹2,900, revise the stop-loss to ₹2,750. Tighten the stop-loss to ₹2,880 when the price hits ₹3,000. Liquidate the longs at ₹3,100.
Video Credit: Businessline
Note: The recommendations are based on technical analysis. There is a risk of loss in trading
Published on August 1, 2025
