Stock Picks - Buy Firstsource Solutions Ltd For Target Rs.134.00 - ICICI Direct
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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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