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⭐️ Ultra Equity Advice #108 | Buy | Expected Profit 9-10% | Arijit Banerjee

OUR RECOMMENDATION

  Buy    MINDTREE  

CP#883.55
IdeaBUY
Buy Range877 – 897
Target965 – 980
StopLoss*827
Duration12 – 15 Trading Days
Potential Returns^9 – 10%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Returns^
883.55BUY877 – 897965 – 98082712 – 15 Trading Days9 – 10%

# CP – closing price on Jan 17, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 924.
^ Potential returns are calculated based on the median of buy range.

COMPANY OVERVIEW

Mindtree Ltd. provides technological solutions and information technology consulting in India, USA, Canada, UK and internationally. The company offers services in the areas information management, application development and maintenance, cloud, digital business, agile, analytics and independent testing, infrastructure management services, mobility, business process management, business technology consulting, product engineering and SAP services. Headquartered in Bengaluru the company was incorporated in 1999 as MindTree Consulting Private Limited and changed its name to Mindtree Limited. In Q3FY20, the company’s consolidated revenue from operations increased 9.97% to Rs 1,965.30 crore from Rs 1,787.20 crore in the last year; Net profit stood at 197 crores as against 191.20 crores for the previous year.

Stock Data
NSE CodeMINDTREE
Sectoral IndexNifty IT
52W High995
52W Low652.05
Face Value10
Relative Performance_Mindtree vs Nifty IT Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • The share price of Mindtree Ltd. witnessed a strong rally during 2011-2018, rallying from ₹72 to lifetime high of ₹1183.8. Since then it was in declining trend and moved below the support line by giving a downside breakout in July 2019.
  • This downside breakout seems to be a false breakout, as the price has taken support near 670 and moving higher afterwards. 
  • Recently, the stock price makes a strong Breakout by moving above the true crucial Weekly Resistance, at 850.
  • The weekly closing has been holding above all important Moving Average parameters.
Mindtree Technical Analysis - Weekly Chart
Mindtree Technical Analysis - Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • The stock has registered a resolute breakout of past the fourteen months downtrend. This sharp breakout signals resumption of the primary uptrend. 
  • The stock has posted a decisive close above the 10 days and 20 days moving average.
  • Further, volumes have been healthy in this breakout confirming the bullishness.
Mindtree Technical Analysis - Daily Chart
Mindtree Technical Analysis - Daily Chart

LIVE UPDATE - POSITION & ACTIVITIES

Position: Long MINDTREE at ₹ 886 | Goodluck Capital by GoodluckCapital on TradingView.com

Position: Long MINDTREE at ₹ 886 | Goodluck Capital by GoodluckCapital on TradingView.com

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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