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Technical Observations

The stock has resumed its primary uptrend after higher base formation above 50 day EMA (currently at | 111) and is at the cusp of a breakout above the last six weeks range (|123-106) signalling strength and continuation of the up move thus offers fresh entry opportunity

We expect the stock to continue with its positive momentum and head towards | 134 levels in the coming weeks as it is the 161.8% external retracement of the previous decline (|115-84) placed around | 134 levels

The stock is seen rebounding after forming a higher base above 50 day EMA & rising demand line support joining lows of May 2020 (| 31) & December 2020 (| 67) highlighting strength and continuation of the up move

The up move on Monday’s session was supported by strong volume of double of the 200 days average volume of 45 lakhs share per day indicating larger participation in direction of the trend

The daily RSI has recently generated a buy signal thus validates positive bias

Buy Firstsource Solutions Limited  @ 116.00-119.00 TGT 134.00 SL 111.00

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