PER­SIS­TENT

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE -

I have bought 200 shares of Per­sis­tent at Rs 570 for the short term. What should I do now? - Srini­vasa Rao B

BOOK PAR­TIAL PROFIT AT THE CUR­RENT PRICE. HOLD LIM­ITED QUAN­TITY WITH STOP LOSS OF RS 594 ON CLOS­ING BA­SIS.

Per­sis­tent Sys­tems Ltd is cur­rently trad­ing at Rs 618.55. Its 52-week high/low stand at Rs 915/Rs 532.80 made on Septem­ber 10, 2018 and Novem­ber 13, 2018, re­spec­tively. Af­ter reg­is­ter­ing its 52-week low, the stock has given mi­nor bounce along with low vol­umes. For the near term, the stock has a clus­ter of re­sis­tances ahead, one is the open­ing down­side gap re­sis­tance zone of Rs 658-Rs 629 cre­ated on Oc­to­ber 22,2018 and the sec­ond one is 38.2 per cent Fi­bonacci re­trace­ment level of its en­tire down­ward jour­ney from its 52-weeks high to 52-week low, which is at Rs 678.50. On the daily time frame, the stochas­tic has re­cently given neg­a­tive cross­over in the over­sold zone, which pre­dicts pause in the short term trend. The 14-pe­riod day RSI is also not able to cross above the 60 mark since Septem­ber 10, 2018. Its cru­cial short term mov­ing av­er­age, i.e. 21-day EMA is likely to act as mi­nor sup­port. Hence, we rec­om­mend you to book par­tial profit at the cur­rent price and hold lim­ited quan­tity with stop loss of Rs 594 on a clos­ing ba­sis.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.