Persistent Systems jumps over 13% in seven days

Persistent Systems advanced 2.77% to Rs 4,145.45, extending gains for the seventh trading session.

Shares of the IT solution provider jumped 13.49% in seven trading sessions from its recent closing low of Rs 3,652.75 on 21 November 2022.

On the BSE, 6,482 shares were traded in the counter so far compared with average daily volumes of 9,698 shares in the past two weeks. The stock hit a high of Rs 4,157.75 and a low of Rs 4,022.05 so far during the day.

The stock hit a 52-week high of Rs 4,986.85 on 3 January 2022. The stock hit a 52-week low of Rs 3,091.65 on 26 September 2022.

The stock had outperformed the market over the past one month, jumping 12.27% compared with 3.29% increase in the Sensex.

The scrip had outperformed the market in past three months, surging 18.01% as against Sensex's 5.39% rise.

However, the counter had underperformed the market in past one year, rising 0.55% as against Sensex's 9.96% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.878. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 3,604.79, 3,549.55 and 3,761.81, 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.

The IT solution provider's consolidated net profit rose 4% to Rs 220.01 crore on 9.1% increase in revenue to Rs 2048.64 crore in Q2 FY23 over Q1 FY23.

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