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Hot Stocks | Persistent Systems, GMR Infrastructure, UltraTech Cement can give 11-19% return in short-term; here's why

Looking at the ratio charts of Persistent against the Nifty IT index, we can spot the stock since mid-2019 has most of the time outperformed the benchmark. Persistent in the latest week has given a breakout from the double bottom pattern, indicating beginning of the trend to the upside.

December 02, 2022 / 07:18 AM IST
 
 
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Nifty50 is currently trading at a record high which suggests that the index already is in strong momentum, while maintaining Higher High, Higher Low on the weekly timeframe.

On the daily timeframe, the index has never closed below the prior day's low for last 8 trading sessions, which shows the buying has emerged at the lower levels.

On the indicator front, the RSI (relative strength index) plotted on the weekly timeframe is rising and moving in sync with price trend which reflects the rising momentum.

The Nifty has immediate resistance placed 19,000 (psychological level) followed by 19,600 (key resistance) levels. The downside support for the index is placed at 18,365 (weekly low) followed by 18,000 levels.