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The outlook is bearish for Mphasis. The stock has begun the week on a weak note. The 3 per cent fall on Monday marks the end of the consolidation that was in place since the beginning of this month.
It also indicates the resumption of the overall downtrend. Resistances at ₹2,785 and ₹2,810 can cap the upside if there is a price bounce.
Fresh sellers are likely to come into the market at higher levels. Mphasis share price can fall to ₹2,700-₹2,690 from here. Traders can go short now at ₹2,759.
- Also read: Stock to buy today: Mphasis (₹3,096): BUY
Add more shorts on a rise at ₹2,780. Keep the stop-loss at ₹2,805. Trail the stop-loss down to ₹2,745 as soon as the stock goes down to ₹2,730. Move the stop-loss further down to ₹2,725 when the price touches ₹2,715. Exit the short positions at ₹2,705.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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