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Technical Observations

* IT index in the last 3 months has witnessed healthy consolidation after a sharp rally during MarchSeptember 2021.The index during the current breather is seen forming a higher base above the 50 days EMA which has acted as strong support since May 2020signaling robust price structure. One of the preferred pick within the midcap IT stock is Coforge, which we expect to outperform

* The stock is at the cusp of breaking above last 2 months triangular consolidation with a base at 100 days EMA signaling strength and a higher base formation suggesting resumption of up move & fresh entry opportunity

* Going ahead we expect the stock to extent its up move and head higher towards | 6010 being its October highs )

* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias.

Buy Coforge Ltd @ 5520.00-5590.00 TGT 6010 SL 5358

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