MphasiS can touch Rs 432: Amit Gupta

MphasiS can touch Rs 432, says Amit Gupta of ICICI Direct.

Gupta told CNBC-TV18, "If you look at last three-four months MphasiS has been consolidating in the range of Rs 380 to Rs 400. We have seen number of times the delivery based buying came into the stock but it was not able to surpass Rs 400, in fact was not able to sustain above Rs 400 levels. But now in the last one week we have seen that consistently it moved up towards Rs 410-415 then the profit booking came close to Rs 400 again it moved up above Rs 400."
He further added, "My sense is now it is able to hold above Rs 400 so whatever delivery based buying came around Rs 380-390 kind of levels that is ultimately going to pan out in the stock now. We have the Infosys results lined up, so it is possible that the midcap IT stocks may start performing little bit, they may start seeing some short covering also particularly in the case of MphasiS because it has pretty long period of consolidation. We have seen that since the month of July, the short traders actually started entering, they were shorting the stock but they were not able to drag the prices down that much and ultimately they have got stuck up because now in this move we may see some eventual closure of short positions and which can take the stock towards Rs 432."