Mindtree share price: Stock market experts slap 'sell on rise' tag on L&T owned IT company
Mindtree share price has crashed because there is no clarity from L&T after taking over the IT company, say experts after slapping a 'sell on rise' tag.
Mindtree share price has corrected to the tune of around 5.67 per cent at 11:02 AM in the intraday trade on Thursday. Stock market experts are of the opinion that no clarity from the top management post-L&T takeover, old management leaving the board room, poor Q1FY20 results have made the fundamentals of Mindtree share price very weak. They are of the opinion that till clarity comes from the top management, the counter is expected to remain in the range of Rs 650 per stock to Rs 740 per stock levels. Stock market experts have suggested share market investors adopt 'sell on rise' strategy till there is no clarity from the top.
Speaking on the fundamentals of the company Kunal Saragoi, CEO at Equity Rush said, "The Mindtree share price is expected to remain weak till there is clarity on its top management from the L&T as it is now owned by the L&T. But, things may become clear once the new management team is announced. Till then, stock market investors should not think of buying the stock."
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कौन सा शेयर है अपने सेक्टर में सुपरस्टार और कौन है फिसड्डी? कीजिए एक्सपर्ट्स के साथ NBFCs सेक्टर का ''दूध का दूध...पानी का पानी' https://t.co/7Qgc983vOb
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Advising stock market investors to maintain 'sell on rise' strategy in regard to the Mindtree share price Prakash Pandey, Head of Research at Fairwealth Securities said, "The Mindtree share price is range-bound between Rs 650 to Rs 740. The counter is expected to remain bearish till the L&T management becomes active in regard to the Mindtree — a company they recently took over. But, the stock market investors must maintain a stop loss of above Rs 770 per stock." He said that weak Q1FY20 results are not the main reason for this crash because it's lack of decision making the body in the Mindtree that led to the tank of IT counter post-announcement of the Q1FY20 results.
Currently, Mindtree share price is oscillating around Rs 706 to Rs 707 per stock.
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