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Published on 23/09/2020 12:20:21 PM | Source: ICICI Direct

Stock Picks - Buy Birla Soft Ltd For Target Rs. 218 - ICICI Direct

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

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Technical Observations

* IT sector is outperforming and mid cap IT companies are catching up with their large caps exhibiting broad-based sector participation

* The share price of Birla Soft is seen trading in a rising channel since May low of | 63 signalling sustained demand at elevated levels.

* The stock has recently rebounded forming a higher base at the lower band of the rising channel and 20 days EMA currently placed around | 181 levels signalling continuation of the up move thus offers fresh entry opportunity

* Among the oscillators the daily MACD is in up trend sustaining above its nine periods average thus supports the positive bias in the stock

* We expect the stock to continue with its positive momentum and head towards | 218 levels being the 138.2% external retracement of the last three sessions breather (| 206-172) placed at | 218 levels

 

Buy Birla Soft Ltd @ 191.00-196.00 TGT 218 SL 181.00

 

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