SWING IDEA - MPHASIS

Updated
In this post, our spotlight is on Mphasis, a stock that has piqued our interest as a potential candidate for a swing trade, presenting the prospect of an upward rally.

Reasons are listed below :
  • The recent breakthrough of the 2450-2500 zone, coupled with a subsequent retest, suggests a solid foundation and potential support at these levels.
  • Holding steadfast at the 0.382 Fibonacci retracement level, this stock showcases resilience and a reinforcing support structure.
  • The presence of a bullish continuation candle on the weekly timeframe adds weight to the analysis, signaling positive momentum for potential upward movement.
  • A consistent pattern of forming higher highs underscores a sustained uptrend, reflecting positive market sentiment.
  • Trading above both the 50 and 200 EMAs affirms the stock's commitment to the prevailing uptrend, further bolstering the case for a potential swing trade.


Target - 3373 // 3653
StopLoss - weekly close below 2515

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@visionary.growth.insights
Trade closed: stop reached
Stoploss hit -7%
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