Big movers on D-Street: What should investors do with Persistent Systems, Mazagon Dock and Orient Cement?

Sensex and Nifty reach records; globally positive. Persistent Systems rose 3.63%, RSI strong, support at 4500/4400. Mazagon Dock up 20%, targets 5200-5500, support 4000, RSI bullish, Higher High, Higher Low trend. Orient Cement rose 0.082%; needs 320 breakout for 350, support 290-280. Avdhut Bagkar of StoxBox recommends actions.

Equity indices Sensex and Nifty ticked higher to scale fresh all-time high levels on Thursday, following buying in market heavyweights amid a largely positive trend in global equities.

Stocks that were in focus include names like , which rose 3.63%, , which gained 20%, and , 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 below 280 could see price slipping to 250 level.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Source: Stocks-Markets-Economic Times