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The stock of Mindtree Ltd, which has been gaining steadily for the past few months, registered a fresh lifetime high of ₹1,378.7 on Tuesday. The uptrend looks strong, and most likely, the scrip will rally from here.
The stock, which had recovered from a low of ₹692 in April, has been consistently forming higher highs and higher lows since then. And the price remains well above the 21-day moving average. Substantiating the bullish bias, the daily relative strength index is showing a fresh uptick and lies above the midpoint level of 50. The moving average convergence divergence indicator stays in the positive territory.
If the stock extends the uptrend, it is likely to appreciate to ₹1,450 in the near term. A breach of this level can lift the stock to ₹1,500. But if the stock weakens from the current level, ₹1,340 can be a good support. The subsequent support can be spotted at ₹1,320. But since the trend is up and the indications are favourable, traders can be bullish on the stock and initiate fresh longs with a stop-loss at ₹1,340.
The recommendations are based on technical analysis. There is a risk of loss in trading
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