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Published on 18/04/2019 4:38:58 PM | Source: Choice Broking Pvt Ltd

Buy Persistent Systems Limited For The Target Rs.675 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #IT Sector #Persistent Systems Ltd #Trading Report #Choice Broking

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*On an hourly scale, the stock has given breakout of its upper band of Falling Wedge formation which suggests a robust upside move in the counter.

* Moreover, the stock is sustaining above its 100 Hourly Exponential moving average which signifies positive trend in the stock.

* On a daily scale, the stock is bouncing back after taking a strong support of around 599 level which is 61.8% retracement level of its previous move from 538.55 level to 695.85 level which suggests a positive move in the counter.

* A daily momentum indicator RSI reading is at 49.99 level with a positive crossover and trending upward which points out for a positive breath in the stock.

* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.

Recommendation

Buy Persistent Systems Limited @ 629.00.15 SL 604.00 TGT 675

 

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