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Published on 16/09/2020 12:27:10 PM | Source: ICICI Direct

Stock Pick - Buy Cyient Ltd For Target Rs. 455 - ICICI Direct

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

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Technical Observations

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

* The share price of CYIENT has been resolving out of Flag formation after three weeks consolidation range of | 369-417, thus offering fresh entry opportunity

* The stock has formed a higher base above | 384 levels being the 20 days EMA. Volumes in Monday session were above 20 days average volume (5lacs per day)suggesting positive momentum to continue

* Among the oscillators the daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias

* We expect the stock to continue with its positive momentum and head towards | 465 levels being the measuring implication of the range breakout (417- 369=48points) added to the breakout area of | 417 signals upside towards | 465 levels (417+48

 

Buy Cyient Ltd @ 400.00-411.00 TGT 455 SL 384.00

 

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