Stock Picks - Buy First Source Solution Ltd For Target Rs.182 - ICICI Direct
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Technical Observations
* It space have remained resilient in ongoing correction with shallow retracements and has witnessed a strong rebound in the current week signaling strength. One of the preferred pick within the midcap IT space is First Source solution as the stock is seen forming a base at the major value area.
* The stock is seen rebounding after a base at the long term 200 days EMA (currently at |164) which also coincides with the 61.8% retracement of the AprilJuly 2021 up move (| 110-242). We expect the stock to resume its up move thus offers fresh entry opportunity
* We expect the stock to witness pullback towards | 182 levels in the coming sessions as it is the 50% retracement of the recent decline (|206-159)
* The daily 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias.
Buy First Source Solution Ltd @ 171.00-174.00 TGT 182 SL 167
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