MphasiS has target of Rs 450, says Sukhani

Sukhani told CNBC-TV18, "I have picked MphasiS because it fell, then build a base, made a bullish accumulation pattern, made head and shoulder pattern, and then it has moved out of it. Stocks that build bases tell us that something interesting is going on there and MphasiS is now qualified for that. So at Rs 400, I think there is more upside here at least a target of Rs 450 and that is good, given the fact general weakness in IT stocks.”

He further added, “So, here is an IT stock that is not only out performing the IT universe but likely to out perform Nifty also. We really need to pay attention because once the IT cycle turns then stocks like MphasiS would likely do far better.”

"The rally apparently was only a bear market rally in an ongoing downtrend. I think Sun TV has stopped out. I would not be surprised if it at Rs 200 again but not now, the trade here is to be on downside to sell whenever you can."

Disclosure: I have no holdings in the above stocks.