Stock Picks - Buy Birla Soft Ltd For Target Rs.402 - ICICI Direct
Technical Observations
• The IT index has witnessed a technical pullback during last week after recent sharp decline. The index has seen a pullback from extreme oversold territory thus provides favourable risk reward set up for most of the IT stocks. One of the preferred pick within the midcap IT space is Birla Soft which we expect to outperform
• The stock has generated a breakout above the falling channel containing last two months decline signaling pullback is expected from extreme oversold territory thus offers fresh entry opportunity
• We expect the stock to continue with its last week up move and head towards | 402 levels in the coming weeks as it is the 50% retracement of the last two months decline (| 501-317)
• Among the oscillators the daily 14 periods RSI is in up trend and has recently generated a breakout above its last 2 months range thus validates positive bias
Buy Birla Soft Ltd @ 368.00-374.00 TGT 402 SL 339
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