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Technical Observations

* The IT Sector is in strong uptrend as the Nifty IT index continues to form higher high higher low on all time frames and is outperforming the rest of the market

* The share price of Persistent remain in secular up trend forming higher high-low in all time frame. The entire up move since April is well channeled signalling sustained demand at elevated levels

* The stock has recently rebounded taking support at the lower band of the rising channel and the 20 days EMA (currently at | 3073) thus provides fresh entry opportunity

* We expect the stock to maintain positive bias head towards | 3480 levels in the coming weeks as it is the 161.8% external retracement of the recent breather (| 3298- 2982)

* Among the oscillators the daily 14 periods RSI has rebounded from its previous low of July 2021 and has generated bullish crossover above its nine period average thus validates positive bias

Buy Persistent Systems Ltd @ 3175.00-3215.00 TGT 3480 SL 3030

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