Firstsource Solutions Ltd. - Up-Flag on DAILY chart

2 thg 6, 2021

FSL is in an up-trend. The up-rally on this counter went into consolidation. The consolidation got the upward breakout on a daily candle dated 2nd June 2021 and closed at Rs.146.50. This breakout is supported by increased volume. I anticipate the price target of Rs.163 in a time frame of about 5 daily candles. I suggest the stop loss at Rs.142. The risk-reward ratio is 1:3. The stop loss should be followed for first four daily candles and thereafter the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever is earlier.
NOTE: This idea is an attempt to predict the future price. Investment decision based on this idea, if any, shall be solely at the risk of the investor.