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Shares of Persistent Systems have surged nearly 5% in four trading sessions from its previous closing low of Rs 4620.05 posted on 27 December 2021. The counter hit a record high of Rs 4,891.95 intraday today. The stock has zoomed 227% from its 52-week low of Rs 1480 recorded on 1 January 2021.
In last one month, the stock moved nearly 17.4% higher as compared to a 1% rise in Nifty 50 index. Since the start of 2021, the IT company has given stellar returns to investors, rising 220%, while the Nifty 50 index has gained 24% in the same period. The Nifty IT index rallied 59% in the same time frame.
On the technical front, the stock's RSI (relative strength index) stood at 72.024. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 4259.67 and 3903.42 respectively. These levels will act as crucial support zones in near term.
Persistent Systems is a global services and solutions company delivering digital engineering and enterprise modernization services. The IT company reported 6.9% rise in consolidated net profit to Rs 161.75 crore on a 9.9% increase in revenue to Rs 1,351.24 crore in Q2 FY22 over Q1 FY22.
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