Mphasis has target of Rs 895: Varun Dagga

Mphasis has target of Rs 895, says Varun Dagga, Founder & CEO of varundagga.com.

Dagga told CNBC-TV18, “On the long side Mphasis would be my top pick and this is the best stock in the IT sector. It has moved sideways in the past two months, so that give us opportunity to pick it up from these levels. Our long term target on this stock is Rs 1025 and for the short term we are expecting a target of Rs 895.”

He further added, “It is a good level to buy the stock. We should have a stoploss of Rs 672 in place but from here we can expect a good upside. The stock has been taking very strong support at the 50 DMA, so I think that is the level which it is at right now. This stock can take a good bounce from here and reach the levels on the upside.”