Stock Radar: Down 50% from highs! This midcap IT firm looking weak; sell for a target of Rs 100
The stock has been forming a Lower Top Lower Bottom structure and is thus in a downtrend which is a sign of bearishness on the weekly charts.
Synopsis
The stock hit a 52-week high of Rs 242.65 on the BSE on 19 July 2021, but since then the trend moved sideways to weak. It fell more than 50 per cent to hit a fresh 52-week low of Rs 105.65 on 20 May 2022.
Firstsource Solutions which is down more than 20 per cent in a year compared to a near 8 per cent rise seen in the Nifty50 has plunged over 50 per cent from its recent highs – placing it in a bear market. A fall of over 20 per cent from a recent high or a peak effectively puts the underlying which could be a stock or an index in bear territory. For more on the bear market read here The stock hit a 52-week high of Rs 242.65 on the BSE on 19
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