The stock has been in an uptrend since then. It rose more than 18% in a month, and over 20% in the last three months. The stock rallied over 30% in the last 6 months.The momentum pushed the stock closer to overbought levels; hence, some consolidation could be on the cards.

KR Choksey recommended accumulate rating on Persistent Systems with a target price of Rs 4697 in its research report dated January 21, 2023.

Motilal Oswal recommended Neutral rating on Persistent Systems with a target price of Rs 4360 in its research report dated January 20, 2023.

Anand Rathi is bullish on Persistent Systems has recommended buy rating on the stock with a target price of Rs 4840 in its research report dated January 20, 2023.

ICICI Direct is bullish on Persistent Systems recommended buy rating on the stock with a target price of Rs 4920 in its research report dated January 20, 2023.

Sharekhan is bullish on Persistent Systems has recommended buy rating on the stock with a target price of Rs 5010 in its research report dated January 19, 2023.

HDFC Securities is bullish on Persistent Systems has recommended buy rating on the stock with a target price of Rs 5230 in its research report dated January 19, 2023.

Emkay Global Financial is bullish on Persistent Systems has recommended buy rating on the stock with a target price of Rs 4500 in its research report dated January 19, 2023.

Mrs Bectors Food Specialities is currently trading at 52 week high which tells that the stock already is in strong momentum.

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.

The consensus recommendation for the IT firm is a hold. Out of the 26 analysts covering the stock, 17 analysts have strong buy and buy ratings, while only four have strong sell and sell ratings and the remaining five have hold ratings.

The midcap IIT firm's revenue grew 5.9 percent quarter-on-quarter to Rs 2,169.4 crore and dollar revenue rose 3.4 percent to $264.35 million in the October-December period

​Persistent clocked a 45.4% increase in the revenue from operations at Rs 2,169.3 crore during the October-December 2022 period, which stood at Rs 1,491.7 crore in the year-ago period, whereas the operating EBITDA of the company stood at 401.5 crore in Q3FY23, up 59.9% YoY.

A sharp slowdown in net hiring, muted growth outlook in 4Q and a potentially slower conversion of bookings to revenues points to a sharp growth moderation for Indian IT firms. However, falling attrition and ongoing improvement in the employee pyramid should support margin recovery

We believe the slowdown impact would be more broad-based, and could be more in the hi-tech segment where clients may not opt for upgrades and rather continue with the current processes,” said Mitul Shah, head of research at Reliance Securities.

The IT sector has been buzzing the entire week. Analysts are expecting some companies to report a slowdown in growth and traders have started positioning themselves for such a scenario.

Counter is trading in a triangle formation near short-term moving averages & breakout possible.

For seven straight quarters, FIIs have trimmed their holdings in HCL Technologies. From 24.92% in the quarter ended December of 2020, FIIs holding in the company came down to 17.2% in the quarter ended September of 2022.

The weakening macroeconomic environment in the US and Europe – two major markets for IT firms – have not had a major impact on deal pipeline in the last quarter, but investors would want to see how it shapes up for the ensuing quarters.

The weakening macroeconomic environment in the US and Europe – two major markets for IT firms – have not had a major impact on deal pipeline in the last quarter, but investors would want to see how it shapes up for the ensuing quarters.

Analysts ET spoke to said they expect companies to deliver median revenue growth of 1-4% quarter-on-quarter (QoQ), and 7-9% year-on-year (YoY). Bellwethers TCS, Infosys, and HCL are likely to report expansion in margins, while tier-two companies, such as LTIMindtree, KPIT, Persistent Systems, and Coforge, are expected to report strong quarters.

Analysts ET spoke to said they expect companies to deliver median revenue growth of 1-4% quarter-on-quarter (QoQ), and 7-9% year-on-year (YoY). Bellwethers TCS, Infosys, and HCL are likely to report expansion in margins, while tier-two companies, such as LTIMindtree, KPIT, Persistent Systems, and Coforge, are expected to report strong quarters.

The Nifty Realty index closed 0.49 per cent up at 427.15.

The Nifty Pharma index closed 0.56 per cent down at 12624.15.

The Nifty IT index closed 0.18 per cent down at 28583.45.

The Nifty Auto index closed 0.66 per cent up at 12605.45.

So you need to focus on companies which are in verticals where there is a lesser chance of spending cuts. It could be automobiles, design led, technology stocks and I think that is where the opportunities are in the IT sector.

Country's largest IT services exporter Tata Consultancy Services declined for the seventh straight day. Provisional data showed a marginal increase in net open interest in December as well as January contracts.

The US economy is widely expected to tip into a recession in the second half of 2023 owing to the US Federal Reserve's aggressive tightening of monetary policy

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.

"The Nifty IT index has given a fresh breakout from the consolidation range of 26,200-30,200 level, and the first upside target for this breakout is at 34,200 level," said Arpan Shah, technical analyst, Monarch Networth. "Any dip is a strong buying opportunity in some of the stocks like Infy, Persistent, and Saksoft."