Stock Picks - Buy Birlasoft Ltd For Target Rs. 460 - ICICI Direct
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Technical Observations
* The share price of Birla Soft has witnessed a breakout above its last three weeks range (| 420-387) signaling resumption of up trend thus offers fresh entry opportunity
* We expect the stock to head towards | 460 levels in the coming weeks as it is 161.8% external retracement of recent breather seen from (| 434-387)
* Key point to highlight since May 2021 the stock has managed to hold the key support of 20 day EMA, highlighting elevated buying demand. In the current scenario as well, stock staged a strong bounce from 20 days EMA as can be seen in the adjacent chart
* The stock has immediate support | 402 levels being 80% retracement of last two days up move(| 397-428)
* Among the oscillators the daily RSI has generated bullish crossover recently above its 9 period average thus validates positive bias
Buy Birlasoft Ltd @ 417.00-425.00 TGT 460 SL 402
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