Buy MindTree, target Rs 542: Sameet Chavan

Sameet Chavan of Angel Broking has a buy call on MindTree with a target price of Rs 542.

The current market price of MindTree is Rs 507.10.

Time period given by the analyst is one month when MindTree price can reach defined target.

Sameet Chavan recommended to keep a stop loss at Rs 502.

In a report, the analyst said, "We have been maintaining our positive stance on Midcap IT counters since last couple of months and ‘Mindtree’ has been one of the preferred picks. If we look at the daily chart, the stock has broken out of the accumulation pattern after forming a strong base around 445. The volume activity too picked up substantially; indicating strong buying interest in the counter. Hence, we recommend buying this stock at current levels for a target of Rs 542 over the next 14 – 21 sessions. The stop loss now should be fixed at Rs 502."

MindTree, incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 8,311.31 Crore) operating in Information Technology sector.