Stock Picks - Buy Firstsource Solutions Ltd For Target Rs. 210 - ICICI Direct
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Technical Observations
* The IT pack remains in a strong uptrend and share price of FSL has undergone a solid base formation at the 50 days EMA (currently at | 188)
* In Monday’s trade stock resolved above past three weeks range (| 195-179) with strong volumes, establishing new demand zone at 50-day average. The upper band of the range placed at | 195 is expected to act as support in the coming sessions
* We expect stock to gain over next few trading sessions and head towards | 210 which is 50% retracement of entire decline (|242-175)
Buy Firstsource Solutions Ltd @ 199-202 TGT 210 SL 194
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