OUR ANALYSIS, WHICH WE DID ON NOVEMBER 23, WAS ACCURATE; AS WE EXPECTED, BSOFT MOVED UPWORD VERY SHARPLY AROUND 18% FROM DEMAND ZONES.
We now have another buying opportunity on Bsoft as a retest of the breakout after a month. again This trade will have a low risk and high reward.
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1) On 1day time frame, we can see 480 as immediate support and also see a support channel.
As far as it is sustaining above this, it has potential to give up move.
Immediate major resistance is at 500. Breakout of it will lead a good up move.
Please refer below chart : 1day time frame.
Birlasoft (India) Ltd - 25.03.2022
The stock is trading @ 465.90 levels
The stock has made a DOUBLE TOP @ 486 levels
The prices are above EMA
There is a ENGULFING BEAR in Daily Charts
There is a SHOOTING STAR in Weekly Charts
There is a MACD Bearish Divergence in Daily Charts
RSI is 53 in Weekly Charts (It will be risky for making a Short Position in this...
BIRLASOFT emerged out of 22 weeks of consolidation. The stock has consistently remained above weekly 30 ema. This ensures the stock is strong. When the stock breaches the 30 weekly EMA, then we need to be cautious.
Currently, RSI around 70 and in upward trajectory denotes positive momentum
Also, important point to note: RSI has very rarely breached 60 with...