Nifty IT Holds 28,000; Persistent Systems in Focus

Nifty IT was the relative outperformer versus the broader indices in yesterday’s session, ending nearly flat, down around 0.20%. The index opened lower but recovered through the session, reinforcing 28,000 as a strong support level. RSI at 48.41 is holding steady near the midline, consistent with the index's relative resilience against broader market weakness. Resistance: 28,290, then 28,490. Support: 28,000, then 27,850 and 27,608. As long as 28,000 holds on a 30-minute closing basis, there's a possibility of continued positive momentum, with the index eyeing 28,290 on the upside. A sustained move below 28,000 would put the bears back in focus, with 27,850 as the next level to watch.

has formed a Bullish Engulfing candle on the 4-hour chart at a pattern low of 5,203, after a steady multi-week decline from the 5,900 zone. RSI at 42.37 remains below the midline but has stabilized alongside the reversal candle. As long as the pattern low of 5,203 holds, the bulls may have a slight edge in the near term; a break below this level would put the setup back in question. A reversal candle only holds weight as long as its pattern low stays intact — that level, not the candle itself, is what needs to be tracked. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.