Symbol - BSOFT
Birlasoft is engaged in Computer programming, consultancy, and related activities. It provides software development and IT consulting to its customers predominantly in Banking, Financial Services, and Insurance, Life Sciences and Services, Energy Resources and Utilities, and Manufacturing. The Company’s registered office is in Pune. It is part of The CK Birla Group, Birlasoft, comprising over 10,000 plus professionals.
This stock has given great returns to investors as well as traders in last 1 year.
This stock was buy on dips since May 2023 but right now as per technical chart & price action, I think trend is changed from buy on dips to sell on rise as there exists clear Head & Shoulders pattern on larger time frame.
I have made short positions in futures already around 690 level & will find opportunity to sell it on each rise until it breaks 730-735 levels which is H&S neckline. So, My SL is placed above 735.
Targets I'm expecting on downside will be 575 - 560 - 535.
P.S. : Swap markets are now pricing in just one Fed rate cut in 2024. The Fed will keep the rate unchanged at its May 1 meeting. Powell is expected to tighten rhetoric and signal that there will be fewer rate cuts this year than previously expected. If this happens, This will result in strong profit booking in IT stocks specially mid and small caps.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Birlasoft is engaged in Computer programming, consultancy, and related activities. It provides software development and IT consulting to its customers predominantly in Banking, Financial Services, and Insurance, Life Sciences and Services, Energy Resources and Utilities, and Manufacturing. The Company’s registered office is in Pune. It is part of The CK Birla Group, Birlasoft, comprising over 10,000 plus professionals.
This stock has given great returns to investors as well as traders in last 1 year.
This stock was buy on dips since May 2023 but right now as per technical chart & price action, I think trend is changed from buy on dips to sell on rise as there exists clear Head & Shoulders pattern on larger time frame.
I have made short positions in futures already around 690 level & will find opportunity to sell it on each rise until it breaks 730-735 levels which is H&S neckline. So, My SL is placed above 735.
Targets I'm expecting on downside will be 575 - 560 - 535.
P.S. : Swap markets are now pricing in just one Fed rate cut in 2024. The Fed will keep the rate unchanged at its May 1 meeting. Powell is expected to tighten rhetoric and signal that there will be fewer rate cuts this year than previously expected. If this happens, This will result in strong profit booking in IT stocks specially mid and small caps.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Trade active:
CMP 650
40 rupees (6%) down from my short level.
Closed below daily support area. We may see another round of huge selling in coming week & it may touch 580-600 levels easily.
40 rupees (6%) down from my short level.
Closed below daily support area. We may see another round of huge selling in coming week & it may touch 580-600 levels easily.
Trade active:
CMP 638
52 rupees (8%) in profit.
52 rupees (8%) in profit.
Trade active:
CMP 619
Future position 71 rupees (11%) in profit.
Booking 50% position here & rest holding with 650 SL.
Future position 71 rupees (11%) in profit.
Booking 50% position here & rest holding with 650 SL.
Trade active:
CMP 604
Trade closed: target reached:
CMP 565
690 to 565
125 rupees move captured.
Almost 20% one way move from my short level.
690 to 565
125 rupees move captured.
Almost 20% one way move from my short level.