Persistent Systems has been one of the most resilient names as the IT index has been going through turmoil for almost 18 months. The stock has staged a breakout from ‘Cup and Handle’ pattern and is expected to head towards Rs 5,600-5,700
Based on the current momentum, Rajesh Satpute anticipates increased buying activity in Larsen & Toubro, Persistent Systems, Reliance Industries, and Axis Bank in the upcoming days.
At the current juncture, the price action in Container Corporation of India is above William alligator (trend following indicator) which is echoing towards further upside in the counter.
The momentum can take the Nifty50 towards 18,500-18,700 in coming sessions, if it sustains 18,200 mark which can be near term support, followed by 18,000 being crucial support, experts said