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Technical Observations

*The IT index after the last six weeks breather has resumed fresh up move in the last two weeks. The midcap IT stocks are witnessing strong momentum and resuming primary up trend

*The share price of First Source Solution is at the cusp of breaking above last 10 weeks range (| 115- 84) signalling resumption of the primary up trend

*The entire up move since May 2020 is well channelled signalling sustained demand at elevated levels. The stock has recently rebounded taking support at the lower band of the channel signalling strength and a robust price structure

*The weekly 14 periods RSI has generated a bullish crossover above its nine periods average thus supports the positive bias

*We expect the stock to continue with its current up move and head towards | 123 levels as it is the 123.6% external retracement of the previous breather ( | 115 to 84) placed at | 123 levels

Buy Firstsource Ltd @ 108.00-112.00 TGT 123.00 SL 101.00

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