Chennai Petro, M&M Financial, Coforge & Persistent: Nilesh Jain of Centrum Broking shares view

Nilesh Jain, Assistant Vice-President (Derivative and Technical Research) at Centrum Broking, expects markets to remain rangebound, with the benchmark NSE Nifty50 likely to trade in the 25,600-25,800 zone. Any dip towards 25,600 could be seen as a buying opportunity. If the index breaks above 25,800, then we may get a confirmation of a follow-up move on the upside," he told Business Today on Thursday.

On the stock-specific front, Jain noted that Mahindra & Mahindra Financial Services Ltd looked attractive at current levels. "The counter may climb towards Rs 395-400. Keep a stop loss placed at Rs 368 for this trade," he added.

In response to a query on Coforge Ltd and Persistent Systems Ltd, he said, "Immediate support for Coforge could be seen at Rs 1,566. If the stock falls below that mentioned level, there could be a possibility of another leg on the lower side. Major support is placed at Rs 1,500. If it breaks this level, then it would be considered a structural breakdown. There could be a possibility of some pullback, but the stock is looking that positive at present."

Jain finds Persistent Systems comparatively better placed than Coforge at present. "We may move towards Rs 6,000-6,100. Maintain stop loss at Rs 5,760," he added.

He highlighted that Chennai Petroleum Corporation Ltd has given a fresh breakout. "I believe there has to be a follow-up on the upside towards Rs 930-950. Keep stop loss placed at Rs 885," he stated.

Meanwhile, domestic equity benchmarks snapped their three-session winning streak in Thursday's afternoon trade, slipping sharply amid profit booking and weak global cues.

The 30-share BSE Sensex pack and the NSE Nifty50 barometer were down 0.59 per cent and 0.61 per cent, respectively, at the last check.

The broader market underperformed the frontline indices, with the Nifty Midcap index declining 0.71 per cent and the Nifty Smallcap index tumbling 1.58 per cent.