Trigyn Technologies subsidiary wins staffing contract in US

IT consulting and software small-cap, Trigyn Technologies’ subsidiary has won a contract to provide enterprise staffing services for Minnesota, a state in the mid-west of US. The stock of Trigyn surged more than 4 per cent at 14:33 hours, but continued with its 4-day consolidation at lower levels.

The aforesaid contract holds a time horizon of 4.5 years, i.e. up to January 2023. The services would include providing analyst, architecture and skilled software professionals to the client. The contract would boost Trigyn’s penetration in the said region and facilitate expansion in the public sector business.

Apart from the current contract Trigyn already holds one contract with US General Services Administration (GSA) covering a broad range of labour categories and also empowers Trigyn to respond to both the federal and state/local government prospects.

After hitting a 52-week high level, the stock of Trigyn Technologies witnessed lower tops and somewhat similar bottoms. With this, the stock is seen trading in a Descending Triangle pattern with a multiple support in the range of Rs. 115.60-117.60 per share. The triangle pattern breakout is around 128.50-129 levels. Volumes are slightly picking up and 14-period RSI has given a positive crossover, though quoting below 50. The stock is resisting at its 50, 100 and 200-day EMA levels which are placed very close. Hence, we may see some positive movement above 129 levels or a retreat below 116 levels, till then the stock may continue with the consolidation.