Stock Picks - Buy Zensar Technologies Ltd For Target Rs.495 - ICICI Direct
Technical Observations
* The Midcap IT sector has been outperforming in recent weeks. Among the midcap IT stocks we are constructive on Zensar Technologies as it is seen rebounding after taking support at 61.8% retracement of MaySeptember up move ,signaling resumption of up move and fresh entry opportunity..
* The stock has already taken 13 weeks to retrace just 50% of its 15 weeks up move (| 282-587), a shallow retracement signals a robust price structure and a higher base formation
* Stock has been holding above its 20 week EMA since June 2020 ,signaling inherent strength
* Going ahead we expect the stock to resume its up move and head higher towards | 500 levels being its November highs
* Among the oscillators the weekly stochastic is rebounding from the oversold territory and has generated a buy signal thus validates positive bias.
Buy Zensar Technologies Ltd @ 450.00-460.00 TGT 495 SL 434
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