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Published on 21/01/2021 12:52:13 PM | Source: ICICI Direct

Stock Picks - Buy First Source Solutions Ltd For Target Of Rs. 109 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Trading Report #ICICI Direct #Firstsource Solutions Ltd

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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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