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Mphasis is scheduled to announce results for the first quarter ended January 31 on Thursday. On March 5, the stock surged 7.7 per cent with extraordinary volumes. Since then, it has been under pressure. However, in the last four sessions, the stock saw a surge in trading volumes. It has been on a sideways consolidation in a wide range from last June. An earnings surprise can break its immediate resistance at ₹416 to touch ₹440. Conversely, a fall below ₹390 can drag it to ₹370 or even to ₹350.
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