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Published on 7/08/2020 11:07:53 AM | Source: ICICI Direct

Gladiator Stocks - Buy Teamlease Services Ltd For Target Rs. 2,320 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #TeamLease Services Pvt Ltd #Trading Report #ICICI Direct

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Teamlease Services (TEASER): Price breakout from falling channel, 19 week’s range signals reversal of corrective trend…

o The stock has registered a resolute breakout above the falling channel containing the entire price activity since Feb’20 high (| 2880) signalling reversal of the corrective trend and resumption of the primary up trend thus offers fresh entry opportunity

o The share price in the last four months has been consolidating in the broad range of | 1415-| 1913. In the current week trade it has resolved above the same highlighting strength and continuation of the up move

o Structurally the long term positive trend in the stock remain intact as it has formed a double bottom near the 80% retracement of the CY 2017- 2018 rally (| 841 to 3310)

o Buying demand is expected to emerge in case of any corrective decline around 1840-1850 levels as it is the confluence of the low of the current week and rising demand lines support joining lows since May’20 (| 1420) placed at | 1845 levels o We expect the stock to head towards | 2320 levels in the medium term as it is the measuring implication of the last 19 weeks range breakout and 50% retracement of the last major decline during Oct’19 to Mar’20 (| 3200- 1415) placed at 2320 levels

Buy Teamlease Services Ltd @ 1975-2020 TGT 2,320.00 SL 1,830.00

 

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