Buy Mindtree, target Rs 770: Vikas Jain

Buy MindTree at a price target of Rs 770 and a stoploss at Rs 670 from entry point.

Vikas Jain of Reliance Securities has buy call on MindTree Ltd. with a target price of Rs 770. The current market price of MindTree is Rs 708.40. Time period given by analyst is Long Term when MindTree price can reach defined target. Vikas Jain recommended to keep stoploss at Rs 670.

Mindtree, incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 11658.25 Crore) operating in IT Software sector.

The analyst said the stock has being trading in a range of 670-700 levels over the past 6 weeks and has witnessed an upward breakout with strong volumes. Higher bottoms on weekly charts and strong support near to its 200 week average will hold the stock and crossover of its 20 day average confirms the uptrend. Long position can be initiated for the target of Rs 770 with a stop loss of Rs 670.

MindTree Ltd. key Products/Revenue Segments include Software Development Charges which contributed Rs 7021.50 Crore to Sales Value (100.00 % of Total Sales)for the year ending 31-Mar-2019.




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