This tech indicator turns positive for these 3 IT stocks; details here

Infosys, Persistent Systems and Mphasis are likely to trade with a favourable bias as a key momentum indicator - the MACD has turned positive on the technical charts for these 3 IT stocks.

There is a common factor between these 3 IT stocks - Infosys, Persistent Systems, Mphasis, at present, which signals a likely positive bias for the shares. Technical chart shows that the Moving Average Convergence-Divergence (MACD) line has crossed over the signal line, thus indicating a 'Buy' alert for these 3 IT stocks.  Technically, MACD is a key momentum oscillator which helps in identifying the direction or potential trend reversals for the particular index or stock. The MACD is a combination of two moving trend lines, including the MACD line and the Signal line, based on the 9-day Exponential Moving Average.  As and when the MACD line crosses over the signal line, it is considered as a bullish signal, and bearish in case of a vice versa development. The bullish crossover of the MACD line also suggests that the momentum is likely to accelerate on the upside.  Infosys, Persistent Systems and Mphasis have seen a 'bullish' or 'positive' crossover on the MACD line. Here's what the technical charts suggests could happen next.  ALSO READ |  5 largecap stock ideas with up to 18% upside potential 

Infosys

Current Price: ₹1,605  Upside Potential: 9%  Support: ₹1,607; ₹1,579; ₹1,540  Resistance: ₹1,628; ₹1,661  Infosys stock was seen consolidating in a ₹100 band; between ₹1,520 - ₹1,610 for the last one month. The stock on Wednesday broke-out on the upside, and is now seen quoting near its 100-Day Moving Average, which stands at ₹1,628; above which another significant hurdle stands at ₹1,661. CLICK HERE FOR THE CHART  Break and sustained trade above these hurdles can lead the stock towards ₹1,750 levels, shows the daily chart. Support for the stock can be anticipated around ₹1,607, ₹1,579 and ₹1,540 levels. 

Persistent Systems

Current Price: ₹5,930  Upside Potential: 14.7%  Support: ₹5,800; ₹5,700  Resistance: ₹6,377  Persistent Systems is likely to trade with a favourable bias as long as the stock holds above ₹5,800 and ₹5,700 support levels. On the upside, the stock seems on course to test the weekly resistance at ₹6,377; above which a rally towards ₹6,800 seems likely. CLICK HERE FOR THE CHART  ALSO READ | 5 stocks to buy under ₹100: Hind Motors, HCC, Suzlon; full list here 

Mphasis

Current Price: ₹2,666  Upside Potential: 6.9%  Support: ₹2,605; ₹2,565  Resistance: ₹2,755  The near-term bias for Mphasis stock is likely to be positive as long as the stock trades above ₹2,605; below which notable support for the stock exists around ₹2,565 levels. On the upside, the stock trades near an overhead resistance in the form of the 200-DMA at ₹2,755; above which the stock can potentially rally to ₹2,850 levels, shows the medium-term chart. CLICK HERE FOR THE CHART