Persistent Systems declines 7% in four days

6 Jan 2022 , 10:26 AM

Shares of the IT company have corrected nearly 7% in four trading sessions from its previous closing high of Rs 4902.2 posted on 31 December 2021. The counter is down 8.39% from its 52-week high of Rs 4,986.85 posted on 3 January 2022.

Meanwhile, the IT company announced that its board will meet on 19, 20 and 21 January 2022 ton consider and approve financial results for quarter ended December 2021.

On the technical front, the stocks RSI (relative strength index) stood at 52.111. 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 4324.27 and 3968.14 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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