Stock Picks - Buy Birlasoft Ltd For Target Rs.472 - ICICI Direct
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Technical Observations
* The share price of Birla Soft has resumed uptrend after higher base formation above 50 day EMA, signalling resumption of uptrend and fresh entry opportunity
* The stock has merely retraced less than 38.2% retracement of May-June rally, suggesting shallow retracement and robust price structure
* We expect the stock to maintain positive bias and head higher towards | 472 levels as it is the 161.8% external retracement of recent decline (| 446-393)
* The breakout is accompanied by strong volumes of 58 lacs which is 3 times its 50 day average volume of 18 lacs share per day.
* The daily RSI has generated bullish crossover recently and is in rising trajectory thus validates positive bias
Buy Birla Soft Ltd @ 430.00-440.00 TGT 472 SL 415
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