Feb 02 2024, 08:07
Stock Radar:50% rally in 3 months pushes Birlasoft to record highs:
The Birlasoft stock has been in an uptrend for the past few months. It reached a low above 400 levels in September 2023 and since then the stock has been in a rising trend. It did retest 670 levels earlier in January 2024 but then quickly recouped losses to continue its journey of hitting fresh record highs.
Birlasoft Ltd, a part of the IT sector, has rallied over 50% in the last 3 months, which pushed the stock to a fresh record high in January and the chart pattern indicates that the momentum is likely to continue in February as well.
Birlasoft Ltd, a part of the IT sector, has rallied over 50% in the last 3 months, which pushed the stock to a fresh record high in January and the chart pattern indicates that the momentum is likely to continue in February as well.
The stock rose from Rs 547 on October 31, 2023, to Rs 848 on January 31, 2024, which translates into an upside of 55% in 3 months.
The Birlasoft stock has been in an uptrend for the past few months. It reached a low above 400 levels in September 2023 and since then the stock has been in a rising trend.
It did retest 670 levels earlier in January 2024 but then quickly recouped losses to continue its journey of hitting fresh record highs.
The recent momentum has pushed the stock into an overbought zone, which suggests that a mild profit booking could be on the cards.
The daily Relative Strength Index (RSI) is 77.3. RSI above 70 is considered overbought. This implies that the stock may show a pullback. The daily MACD is above its genter and
"Birlasoft stock has been continuously moving in the upward trajectory for the last nine months and trading in an upward sloping channel," said Shivangi Sarda, analyst, derivatives and technical research, Motilal Oswal Financial Services Ltd.
source: et
Feb 03 2024, 10:56