Persistent Systems Sees Surge in Open Interest Amidst Ongoing Price Decline
Persistent Systems Ltd has seen a notable rise in open interest, reaching 38,400, while trading volume hit 50,395. Despite this increase, the stock has underperformed its sector and is on a downward trend, trading below key moving averages. Delivery volume has also decreased significantly.
Persistent Systems Ltd, a mid-cap player in the Computers - Software & Consulting industry, has experienced a significant increase in open interest today. The latest open interest stands at 38,400, reflecting a rise of 6,139 from the previous open interest of 32,261, marking a percentage change of 19.03%. The trading volume for the day reached 50,395, contributing to a futures value of approximately Rs 48,381.54 lakhs.Despite this notable uptick in open interest, the stock has underperformed its sector by 2.03%, continuing a downward trend with a decline of 5.82% over the past four days. Today, Persistent Systems hit an intraday low of Rs 5,090, representing a drop of 3.84%. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
Additionally, the delivery volume has decreased significantly, falling by 36.5% compared to the 5-day average. With a market capitalization of Rs 83,080 crore, Persistent Systems remains a liquid stock, suitable for trades around Rs 3.12 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest amidst declining price performance highlights a complex market scenario for Persistent Systems.
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