Stock Picks - Buy Coforge Ltd For Target Rs. 3830 - ICICI Direct
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Technical Observations
* The stock is in strong up trend forming higher peak and higher trough in all time frame. It has registered a breakout above a bullish pennant pattern signalling continuation of the up trend and offers fresh entry opportunity
* We expect the stock to continue with its up move and head towards | 3830 levels in the coming weeks as it is the price parity with the previous up move (| 2822-3544) as projected from the recent trough of | 3143 signalling up side towards | 3830
* The stock is seen forming higher base near the 20 days EMA which is likely to act as major support in the coming sessions.
* Among the oscillators the daily MACD is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias in the stock
Buy Coforge Ltd @ 3450.00-3490.00 TGT 3830.00 SL 3270.00
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