Persistent Systems shares hit record high: Price targets, technicals, outlook and more
The multibagger stock rose 0.73 percent to a fresh high of Rs 6,557.70 in the current session against the previous close of Rs 6509.95 on BSE
- Dec 17, 2024,
- Updated Dec 17, 2024, 10:55 PM IST
Shares of Persistent Systems Ltd rose to their record high for the second consecutive session on Tusday amid a correction in the broader market. Persistent Systems shares rose 0.73 percent to a fresh high of Rs 6,557.70 in the current session against the previous close of Rs 6509.95 on BSE. Market cap of the firm rose to Rs 1.01 lakh crore on BSE. In the previous session, the multibagger IT stock reached a record of Rs 6523.
The stock opened higher at Rs 6539.65 today. It has climbed 80.37% in a year and fallen 229% in two years. It delivered multibagger returns of 181% and 1839.18% in three years and five years, respectively.
Total 5,908 shares of the firm changed hands amounting to a turnover of Rs 3.87 crore on BSE.
The stock has a beta of 0.9, indicating low volatility in a year. It is trading in the overbought territory with a RSI of 78.1.
Persistent Systems shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers said, "Persistent Systems' support will be Rs 6400 and resistance at Rs 6570. A decisive move above the Rs 6570 level may trigger a further upside of Rs 6700. The expected trading range will be between Rs 6300 Rs 6700 for the short-term."
Incred Equities is bullish on the prospects of the stock.
It has maintained a hold call with a target price of Rs 6863.
The brokerage expects beat and upgrade cycle of the company to continue. It said greenshoots in the hi-tech vertical drive are expected to continue which can lead to higher FY26 revenue.The IT company is on track to deliver the stated EBIT margin expansion in H2. The brokerage expects earnings revision on the upside. It also sees revenue, EBIT, PAT CAGR over FY25-27F at 18%/26%/25%.
AR Ramachandran, SEBI registered Independent analyst says, "Persistent System stock price is bullish but also slightly overbought on the Daily charts with next resistance at Rs 6610. Investors should be booking profits at current levels as a Daily close below the support of Rs 6438 could lead to target of Rs 6010 in the near term."
Kushal Gandhi, Technical Analyst, StoxBox is bearish on the IT stock.
"After a remarkable 100% increase from the lows in June 2024, the IT stock is beginning to exhibit potential signs of fatigue, with the price now trading approximately 7% above the mean. This situation has resulted in the Relative Strength Index (RSI) for daily and higher timeframes remaining significantly in the overbought territory, suggesting a cautious approach moving forward. Although the price action has demonstrated an upward trend over the past 12 trading sessions, the day trading ranges have been notably narrow, lacking sufficient volume to support a decisive move upwards. Additionally, the IT index itself has risen by 13% over the last six weeks, indicating that some consolidation may be warranted given the index's slightly stretched condition. Therefore, we advise against purchasing Persistent at the current market price," said Gandhi.
Hardik Matalia, Derivative Analyst at Choice Broking said, "On the daily chart, Persistent presents a favourable outlook for the upcoming week. The stock has formed a higher high and higher low pattern, a classic indication of a sustained uptrend. Additionally, the recent upward swing has propelled the stock to establish all-time high levels, further reinforcing the likelihood of a follow-through rally.
The surge in trading volumes alongside the price breakout highlights increasing market interest, a crucial factor that validates the strength of the current move. This alignment of price action and volume confirms strong buying participation, adding to the bullish sentiment surrounding the stock.
From a risk-management perspective, investors who entered at lower levels may consider adopting a prudent approach by booking partial profits at the current market price of Rs 6,540. At the same time, setting trailing stop-loss orders near the Rs 6,150 level can help safeguard gains while allowing room for further upside."
Persistent Systems is engaged in the business of providing software products and technology services. The company’s segments include banking, financial Services, and insurance (BFSI), healthcare & life sciences, and technology companies and emerging verticals.
Shares of Persistent Systems Ltd rose to their record high for the second consecutive session on Tusday amid a correction in the broader market. Persistent Systems shares rose 0.73 percent to a fresh high of Rs 6,557.70 in the current session against the previous close of Rs 6509.95 on BSE. Market cap of the firm rose to Rs 1.01 lakh crore on BSE. In the previous session, the multibagger IT stock reached a record of Rs 6523.
The stock opened higher at Rs 6539.65 today. It has climbed 80.37% in a year and fallen 229% in two years. It delivered multibagger returns of 181% and 1839.18% in three years and five years, respectively.
Total 5,908 shares of the firm changed hands amounting to a turnover of Rs 3.87 crore on BSE.
The stock has a beta of 0.9, indicating low volatility in a year. It is trading in the overbought territory with a RSI of 78.1.
Persistent Systems shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers said, "Persistent Systems' support will be Rs 6400 and resistance at Rs 6570. A decisive move above the Rs 6570 level may trigger a further upside of Rs 6700. The expected trading range will be between Rs 6300 Rs 6700 for the short-term."
Incred Equities is bullish on the prospects of the stock.
It has maintained a hold call with a target price of Rs 6863.
The brokerage expects beat and upgrade cycle of the company to continue. It said greenshoots in the hi-tech vertical drive are expected to continue which can lead to higher FY26 revenue.The IT company is on track to deliver the stated EBIT margin expansion in H2. The brokerage expects earnings revision on the upside. It also sees revenue, EBIT, PAT CAGR over FY25-27F at 18%/26%/25%.
AR Ramachandran, SEBI registered Independent analyst says, "Persistent System stock price is bullish but also slightly overbought on the Daily charts with next resistance at Rs 6610. Investors should be booking profits at current levels as a Daily close below the support of Rs 6438 could lead to target of Rs 6010 in the near term."
Kushal Gandhi, Technical Analyst, StoxBox is bearish on the IT stock.
"After a remarkable 100% increase from the lows in June 2024, the IT stock is beginning to exhibit potential signs of fatigue, with the price now trading approximately 7% above the mean. This situation has resulted in the Relative Strength Index (RSI) for daily and higher timeframes remaining significantly in the overbought territory, suggesting a cautious approach moving forward. Although the price action has demonstrated an upward trend over the past 12 trading sessions, the day trading ranges have been notably narrow, lacking sufficient volume to support a decisive move upwards. Additionally, the IT index itself has risen by 13% over the last six weeks, indicating that some consolidation may be warranted given the index's slightly stretched condition. Therefore, we advise against purchasing Persistent at the current market price," said Gandhi.
Hardik Matalia, Derivative Analyst at Choice Broking said, "On the daily chart, Persistent presents a favourable outlook for the upcoming week. The stock has formed a higher high and higher low pattern, a classic indication of a sustained uptrend. Additionally, the recent upward swing has propelled the stock to establish all-time high levels, further reinforcing the likelihood of a follow-through rally.
The surge in trading volumes alongside the price breakout highlights increasing market interest, a crucial factor that validates the strength of the current move. This alignment of price action and volume confirms strong buying participation, adding to the bullish sentiment surrounding the stock.
From a risk-management perspective, investors who entered at lower levels may consider adopting a prudent approach by booking partial profits at the current market price of Rs 6,540. At the same time, setting trailing stop-loss orders near the Rs 6,150 level can help safeguard gains while allowing room for further upside."
Persistent Systems is engaged in the business of providing software products and technology services. The company’s segments include banking, financial Services, and insurance (BFSI), healthcare & life sciences, and technology companies and emerging verticals.