Buy MINDTREE
| CP# | 883.55 |
| Idea | BUY |
| Buy Range | 877 – 897 |
| Target | 965 – 980 |
| StopLoss* | 827 |
| Duration | 12 – 15 Trading Days |
| Potential Returns^ | 9 – 10% |
| CP# | Idea | Buy Range | Target | StopLoss* | Duration | Potential Returns^ |
| 883.55 | BUY | 877 – 897 | 965 – 980 | 827 | 12 – 15 Trading Days | 9 – 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.
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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 Code | MINDTREE |
| Sectoral Index | Nifty IT |
| 52W High | 995 |
| 52W Low | 652.05 |
| Face Value | 10 |
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.
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.
CONCLUSION - MINDTREE SHARE PRICE FORECAST
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⭐️ Ultra Equity Advice #108: Strong Upside breakout on Weekly and Daily timescale.
— Goodluck Capital (@CapitalGoodluck) January 20, 2020
🔗 Original post: https://t.co/mkMuewspos#technicalanalysis #trading #tradingtips #tradingstrategy #investments #hedgefund #buysell #financialmarkets #stocks #nse #GoodluckCapitalUltra