Big movers on D-Street: What should investors do with Persistent Systems, Mazagon Dock and Orient Cement?
Stocks that were in focus include names like Persistent Systems, which rose 3.63%, Mazagon Dock, which gained 20%, and Orient Cement, whose shares gained 0.082% on Thursday.
Here's what Avdhut Bagkar, Derivatives and Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Persistent Systems
The IT stock has hit a new all-time high, inducing fresh momentum in the price action. The stock is anticipated to scale further highs, aiming to reach 5000 level. Immediate support exists at 4500, followed by 4400 level. While the stock is trading in the overbought territory of the Relative Strength Index (RSI), the price action is not letting selling pressure to dominate.
Mazagon Dock Shipbuilders
The stock has hit a new all-time high on Thursday, with momentum continuing to witness resilient trend. The price action is headed towards 5200 and 5500 in the medium-term. The immediate support exists at 4000, which must be honoured on the closing basis. The “Higher High, Higher Low” formation remains intact, and the overall trend stays bullish. The price is demonstrating strength in the overbought category of the Relative Strength Index, signifying continuation of the upward trend.
Orient Cement
To breakout on the upside, the price must close over 320 level, with aggressive strength to rally further. Until that happens, the range of 290 – 280 should continue to serve as a support range. A sustained move over 320 could see price heading towards 350 level. A break
