Stock Picks - Buy First Source Solutions Ltd For Target Of Rs. 109 - ICICI Direct
Technical Observations
* The stock has generated a breakout above the falling channel containing last three weeks breather signalling resumption of the primary uptrend, thus offers fresh entry opportunity
* The share price during current week has rebounded taking support at the confluence of the rising 50 days EMA ( currently at | 88) and the 50% retracement of the previous up move (| 67- 115) signalling strength and strong support at lower levels around | 88 levels
* The stock has already taken 17 sessions to retrace just 50% of the previous four sessions up move (| 67 to 115). A slower retracement signals a robust price structure
* The daily stochastic has generated a buy signals moving above its three periods average thus validates the positive bias
* Based on the above technical observations, we expect the stock to continue with its positive momentum and resolve higher towards | 109 levels as it is the 80% retracement of the last three weeks breather ( | 115 to 88) placed around | 109 levels
Buy First Source Solutions Ltd @ 92.00-95.00 TGT 109 SL 88.00
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