In the previous session, the market opened with a deep cut due to geopolitical tension. After seeing a gap down opening in the morning session, the Nifty index extended losses as the day progressed.  However, in the last trading hour we have seen some recovery in the Index. Technically, the Index formed a Doji candle on the chart and closed with a net loss of 187.95 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day. Avoid any aggressive bets.

Look at the below research report of ‘Stocks to Buy for – Thursday, March 03, 2022’ before the market opens.

Mphasis Ltd

NSE :MPHASIS   BSE :526299  Sector : IT – Software

We have plotted a daily chart of Mphasis Ltd. Stock prices formed a ‘Triple Bottom Pattern’ on the graph. The formation consists of three equal bottom levels. Stock closed with a bullish candle near the neckline of the pattern with net gain 1.32%, which indicates the bullish trend in coming sessions. As per the daily chart, a long entry signal will be triggered only above 3195 levels. Prices are comfortably close near the Middle Band Bollinger on the chart that suggest a bullish trend is intact. The Relative Strength Index (RSI) on the daily chart is 54.89, which indicates that there is more room available on upside for the stock.

Based on the current price action clues, MPHASIS looks to be at a crucial juncture but with bullish up move expecting. Positions can be created only above 3195 levels, which can take prices towards 3240/3400 levels. This outlook is valid until we don’t see any closing below 2994 level.

Check More Analysis on MPHASIS at: Mphasis Ltd