Stock Picks : Buy Cyient Ltd For Target Rs.925 By ICICI Direct
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Technical Observations
• The Nifty IT has generated a breakout above the last three months range and is seen sustaining above the 52 weeks EMA signalling positive bias. Within the midcap IT space we expect Cyient to continue with its positive momentum as it has generated a breakout above the falling supply line joining highs of April (|952) and September 2022 (| 886) signalling reversal of the corrective trend and resumption of up move
• The stock has also generated a breakout above the last 10 sessions range (|854-784) highlighting continuation of the up move and open upside towards | 925 levels in the coming weeks being the measuring implication of the last 10 sessions range breakout
• The base of the recent consolidation is placed at the 50 days EMA (currently placed at |790) signalling positive price structure
• The daily 14 periods RSI is in uptrend and is seen rebounding taking support at its nine periods average thus validates positive bias
Buy Cyient Ltd Range:832.00-848.00 SL:784.00 Target:925.00
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