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Trade Spotlight: What should you do with Persistent Systems, AIA Engineering, SAIL on Friday?

SAIL was up 1.5 percent at Rs 92.1, the highest closing level since May 5, 2022 and formed decent bullish candle on the daily charts with higher high higher low formation for second consecutive session. It has given a nice breakout of 'Mother Candle' formed on January 2 in previous session and maintained uptrend for yet another session, with strong volumes.

January 20, 2023 / 07:29 IST
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The market closed with third of a percent down amid volatility on January 19, tracking weak global cues and hawkish tone by Fed officials to tame inflation. Select banking, auto, FMCG, metal, and pharma stocks were under pressure.

The BSE Sensex fell 187 points to 60,858, while the Nifty50 declined 58 points to 18,108 and formed Inside Bar and Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears. The index respected previous day's low, hence 18,000 is expected to continue to act as a crucial support for the Nifty50, with resistance on the higher side at 18,200 level, experts said.

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The broader markets also traded in line with benchmarks as the Nifty Midcap 100 index was down 0.1 percent and Smallcap 100 index fell half a percent on weak breadth. About three shares declined for every two declining shares on the NSE.

Stocks that were in action included Persistent Systems which was the biggest gainer in the futures & options segment, climbing 7.54 percent to Rs 4,258 - its highest closing level since December 5, 2022, and formed robust bullish candle on the daily charts with strong volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining December 1, 2022 and January 16, 2023. Also there was a decisive breakout of horizontal resistance trend line adjoining November 28, 2022 and January 13, 2023. Also it closed well above all short term as well as long term moving averages, with momentum oscillator RSI (relative strength index) above 60 level, which all indicating positive mood among participants about the counter.