Buy Mphasis; target of Rs 360: IIFL

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Buy Mphasis; target of Rs 360: IIFL

IIFL is bullish on Mphasis and has recommended buy rating on the stock with a target of Rs 360 in its January 17, 2012 research report.

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IIFL is bullish on Mphasis and has recommended buy rating on the stock with a target of Rs 360 in its January 17, 2012 research report.

"Mphasis has given an upside breakout after consolidating in rounding bottom formation which resembles bullish structure. Also, for the fourth consecutive session, the stock closed above its 100-DMA for the first time since August 2011. Consolidation above resistance of 100-DMA took place after the stock broke out from the formation of 'falling wedge' last week. On the oscillator front, RSI and MACD is suggesting more upside from the current levels. We advise buying the stock above Rs 345 with stop loss of Rs 339 for an immediate target of Rs 360. (Duration 4 days)," says IIFL research report. 

Non-Institutions holding more than 90% in Indian cos

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To read the full report click on the attachment