Stock Picks - Buy Central Depository Services Ltd For Target Rs.1670 - ICICI Direct
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Technical Observations
* The share price of CDSL has shown resilience during the recent market correction and is at the cusp of breaking above last 4 months range (1579- 1102)signalling resumption of upmove.
* The key observation is that stock has formed higher base above its 50 day EMA which has acted as strong support since May 2020, signaling Inherent strength and offers fresh entry opportunity
* We expect the stock to maintain positive bias head higher towards | 1670 levels being the 123.6% external retracement of the recent decline (|1610-1294)
* The recent price rise is accompanied by strong volumes which is four times its 50 day average daily volume of 5 lacs, highlighting strength in direction of trend
* Among the oscillators the daily 14 periods RSI has generated buy signal thus validates positive bias.
Buy Central Depository Services Ltd @ 1520.00-1545.00 TGT 1670 SL 1465
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