Stock Picks - Buy Birlasoft Ltd For Target Rs.522 - ICICI Direct
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Technical Observations
* The share price of Birlasoft is seen rebounding after taking support at the recent breakout area and the rising 20 days EMA (currently placed at | 455) signaling resumption of up move and fresh entry opportunity..
* The stock has recently registered a breakout above five months consolidation range (| 457-393) with strong volume signaling positive price structure.
* Going ahead we expect the stock to maintain positive bias head higher towards | 522 levels being the 123.6% external retracement of the entire previous decline (|514-447)
* Among the oscillators the daily MACD is in rising trajectory thus validates positive bias.
Buy Birlasoft Ltd @ 480.00-488.00 TGT 522 SL 463
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