Published on 16/09/2020 12:42:00 PM | Source: ICICI Direct

Stock Pick - Buy Quick Heal Technologies Ltd For Target Rs. 170 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #IT Sector #Trading Report #Quick Heal Technologies Ltd #ICICI Direct

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Technical Observations

* The IT sector has been one of the major outperformers since March lows. Currently IT index continues to from higher peak and trough on all time frames, indicating robust price structure.

* The share price of Quick Heal Technologies logged a resolute breakout from one year consolidation (|147-63), indicating resumption of primary up trend. Thereby offering fresh entry opportunity

* The stock was facing stiff resistance from supply trend line drawn adjoining Jan-May 2018 highs (|404-355), at |145. However, with Tuesday’s sharp up move, stock resolve out of falling trend line, indicating conclusion of corrective phase that bodes well for next leg of major up move

* We expect the stock to endure its upward momentum and head towards | 170 levels being 61.8% retracement of last major decline seen during April 2019 – March 2020 (|240 – 63), at |172


Buy Quick Heal Technologies Ltd @ 149.00-153.00 TGT 170 SL 139.00


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