Mphasis Ltd. broke out from a downtrending trendline zone after testing three times and it was inside a beautiful triangle pattern as well. Yes it has closed at high of Fab and March too. So I am biased on long side.
On Buy Side I am looking for initial Targets of 3548.
StopLoss should be kept at 3250. It offers 1:2 Risk Reward.
All Important Supports and Resistances are drawn in chart. All levels are on closing basis. Please have a look and revert back if you need some more study on it.
Disclaimer : Consult Your Financial Advisor Before Taking Any Decision On This Analysis.