Top buzzing stock: Birlasoft Limited

Top buzzing stock: Birlasoft Limited

by 5paisa Research Team Last Updated: Mar 22, 2022, 12:27 PM IST

The stock of BSOFT has outperformed its peers and has surged over 3% on Tuesday’s trading session.

Birlasoft Limited is a technology company engaged in computer programming, consultancy and related activities. With a market capitalization of Rs 12500 crore, it is one of the strong growing midcap companies in its sector. The stock of BSOFT has recently come into the limelight due to its strong upmove.

The stock of BSOFT has outperformed its peers and has surged over 3% on Tuesday’s trading session. The stock was consolidating in the past few days and has broken out from its upper limit of Rs 455 with heavier volumes. On the technical chart, the stock has formed a strong bullish candle with an open-close scenario. It took the support of its 20-EMA and has shot up nearly 5% since then. However, the stock has found resistance at its day’s high of Rs 464.60 which also happens to be its 50-DMA.

After hitting an all-time high in January 2022, the stock corrected significantly by about 34% and has shown a strong bounce back from lower levels. Since its recent low of Rs 380, the stock has gained about 20% in fifteen trading sessions. Moreover, several technical parameters indicators improved strength in the stock. The 14-period daily RSI has crossed above its prior swing high and points northward while the MACD line is placed above the signal line. Higher trading activity is indicated by the above-average volume recorded by the stock. Today, the stock has recorded greater than 10-day and 30-day average volume and thus validating the bullish bias of technical parameters.

Recently, the stock has performed exceptionally well and has generated about 11% returns in just one month, thus outperforming the broader market. Considering ongoing bullishness, the stock is expected to test the levels of Rs 485, followed by Rs 500 in short to medium term. Moreover, the stock is a good candidate for swing trading. Short term traders/ Positional traders can expect decent gains from this stock in upcoming days.

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SENSEX
54,326.39
1,534.16 (2.91%)
Nifty 50
16,266.15
456.75 (2.89%)
Nifty Bank
34,276.40
960.75 (2.88%)

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