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Quant Pick – Mphasis

Time frame : Three months

Derivatives & Quantitative Outlook

Strength in the Technology Space Amid Global Positive Cues: Despite ongoing market volatility, the technology sector has shown a remarkable recovery from the recent lows. Mphasis has shown relative resilience compared to the broader markets. Even in the last series, the stock has witnessed a round of short-covering move, which we believe is likely to continue in the coming weeks.
Expected Breakout from Consolidation Range: The stock is on the verge of breakout of its consolidation range between 2100 and 2575 levels. This breakout is expected to provide additional momentum, potentially driving the stock higher.
Short Covering and Potential Upside: Short covering began in mid-April series, but the stock did not show significant price movement at that time. However, in the ongoing series, we are seeing continued short closures triggering outperformance in the space. We expect that the ongoing short-covering rally could push the stock higher toward the 2820 level.

For details, click on the link below
https://www.icicidirect.com/mailcontent/idirect_quantpick_mphasis_may25.pdf

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