Stock Picks - Buy L&T Technology Services Ltd For Target Rs.6330 - ICICI Direct
Technical Observations
* Technology stocks have outperformed during CY21. Within IT space we remain constructive on LTTS which we expect to outperform
* The stock during current week trade has generated a breakout above the last two months range (|5820-4986), signaling a resumption of up move and offers fresh entry opportunity
* The base of the recent consolidation is placed at the 50 days EMA ( currently placed at | 5250) signaling strength and a positive price structure
* We expect the stock to continue with its positive momentum and head towards | 6330 levels in the coming weeks as it is the 161.8% external retracement of the last breather (|5820-4986)
* Among the oscillators the daily MACD is in rising trajectory thus validates the positive bias
Buy L&T Technology Services Ltd @ 5780.00-5860.00 TGT 6330 SL : 5570
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