Trading strategies in Persistent Systems, Wipro: Mehul Kothari

According to the technical analyst from Anand Rathi, Persistent Systems can advance to Rs 5,250; while Wipro may see faster momentum above Rs 414.

BUY

Persistent Systems

Buy Near: Rs 4,900

Target: Rs 5,250

Stop Loss: RS 4,700 

The stock has been one of the strongest outperformer from the software space. In today's session; the stock confirmed a fresh breakout and that too at all-time high. This indicates continuation of uptrend.

Thus, we advise traders to go long in the stock near Rs 4,900 with a stop loss of Rs 4,700. 

BUY

Wipro

Buy Above: Rs 414

Target: Rs 444

Stop Loss: Rs 399 

Recently; many of the IT stocks like TECHM, MPHASIS and many others witnessed decent buying traction. However, WIPRO maintained its consolidation within the range of Rs 414 – Rs 400.

At this point in time, the stock is on the verge of a breakout from this range. We expect faster momentum above Rs 414.

Thus, we advise traders to go long in the stock near Rs 108 with a stop loss of Rs 102. 

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).