Firstsource Solutions shares slip after hitting new high; Reliance Securities suggests booking profits

Reliance Securities suggests booking profit in the stock. One should look at retracements near to the previous all-time high levels of Rs 83-85 range for fresh investments, it said.

December 29, 2020 / 10:55 AM IST
Allsec Technologies | The share price has moved up 31 percent in the last three trading sessions. On August 12, the stock closed at Rs 283.2 against a close of Rs 215.95 on August 7, 2020.

Allsec Technologies | The share price has moved up 31 percent in the last three trading sessions. On August 12, the stock closed at Rs 283.2 against a close of Rs 215.95 on August 7, 2020.

 
 
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Firstsource Solutions share price was trading down by 2 percent after hitting new high intraday on December 29 amid profit-booking.

The scrip was trading at Rs 107.00, down Rs 2.20, or 2.01 percent at 10:30 hours. It has touched a 52-week high of Rs 115.45. It has touched an intraday high of Rs 115.45 and an intraday low of Rs 104.90. It also witnessed a spurt in volume by more than 1.37 times.

Vikas Jain, Senior Research Analyst at Reliance Securities suggests booking profit in the stock. One should look at retracements near to the previous all-time high levels of Rs 83-85 range for fresh investments. RSI has also moved up to 87 levels with risk-reward not in favour of longs. We would recommend booking profit at current levels, he said.

Big Bull Rakesh Jhunjhunwala holds Firstsource Solutions with 2.88 percent stake, or 2 crore shares as on September 30, 2020, as per the shareholding pattern data available on the BSE.

The company acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. "This strategic acquisition magnifies our strong patient-centric revenue management capabilities and creates adjacent areas for growth for us," said Sanjiv Goenka, Chairman, Firstsource Solutions and RP-Sanjiv Goenka Group.

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Moneycontrol News
first published: Dec 29, 2020 10:55 am

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