Mphasis after 27% fall on bad results during the result season has unable to recoup its losses. Technically looking it looks poised for breakout above 485 levels for short term.
Indicators are showing short term strength.
Buy above 485 Tgt 491,497 and 505
Nifty as expected gave a bounce back from opening lows of yesterday and giving recovery but unable to cross Resistance of 5568 as mentioned in yesterday’s post.
For Today Nifty has made a range between 5520-5570 move above this only can give a directional move.
As today is weekly closing Weekly 5 EMA @5553 should be watched closely.Close above this will be a Booster for Bulls.
Levels for Today
Buy above 5572 Tgt 5597,5618 and 5637
Sell Below 5545 Tgt 5520,5500 and 5480
Levels mentioned are Nifty Spot
Time to get Caution with longs.Keep an eyes on volume near 875-880 range.
Buy above 874 Tgt 884,895 and 906