On 18 November 2025, Persistent Systems recorded a day change of 2.96%, outperforming its sector by 1.55% and the broader Sensex index, which was nearly flat at -0.02%. The stock touched an intraday high of ₹6,245, marking a 2.72% rise on the day. Persistent Systems is trading above its key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a generally positive technical backdrop despite the put option activity.
The stock’s market capitalisation stands at approximately ₹95,982 crores, categorising it as a mid-cap entity within the Computers - Software & Consulting industry. However, delivery volumes have shown a decline, with 1.85 lakh shares delivered on 18 November, down by 16.74% compared to the five-day average delivery volume. Liquidity remains adequate, with the stock supporting trade sizes up to ₹3.83 crores based on 2% of the five-day average traded value.
Turning to the options market, Persistent Systems has emerged as one of the most active stocks in put options trading. The expiry date of 25 November 2025 has seen substantial put contracts traded across three key strike prices: ₹6,100, ₹6,000, and ₹6,200. The underlying value of the stock at the time was ₹6,255, placing these strike prices close to the money and suggesting strategic positioning by market participants.
Specifically, the ₹6,200 strike price recorded the highest number of contracts traded at 2,511, with a turnover of ₹233.25 lakhs and an open interest of 918 contracts. The ₹6,000 strike price followed with 2,057 contracts traded, turnover of ₹64.36 lakhs, and open interest of 1,130 contracts. The ₹6,100 strike price saw 1,932 contracts traded, turnover of ₹108.19 lakhs, and open interest of 933 contracts. These figures highlight a concentrated interest in downside protection or bearish bets within a narrow price band just below the current stock price.
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The concentration of put option activity at strike prices slightly below the current market price suggests that investors may be seeking to hedge existing long positions or express caution about near-term downside risks. The open interest figures, particularly at the ₹6,000 strike, indicate that these positions are not merely speculative but may represent sustained hedging or bearish sentiment.
Persistent Systems’ performance on the day, with a 2.60% one-day return compared to the sector’s 1.25%, contrasts with the put option activity, underscoring a nuanced market view. While the stock’s technical indicators remain positive, the options market reveals a layer of caution or risk management among traders and investors.
Investors should also note the expiry pattern, with the 25 November 2025 date being the focal point for these put contracts. As expiry approaches, the dynamics of open interest and contract turnover will be critical to monitor for signs of unwinding or further accumulation of bearish positions.
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From a broader perspective, Persistent Systems operates in a sector that has shown resilience and growth potential, driven by increasing demand for software and consulting services. The stock’s current trading above all major moving averages reflects underlying strength, yet the active put option interest signals that market participants are factoring in potential volatility or downside risks in the near term.
Market participants should consider the interplay between the stock’s fundamental strength and the options market positioning when making investment decisions. The put option activity may serve as a hedge against short-term uncertainties or a tactical move to capitalise on expected price corrections.
In summary, Persistent Systems is experiencing notable put option activity concentrated around strike prices ₹6,000 to ₹6,200, with expiry on 25 November 2025. This activity, combined with the stock’s technical and fundamental profile, suggests a complex market sentiment balancing optimism with caution. Investors and traders are advised to monitor open interest trends and price movements closely as expiry approaches to better understand the evolving market stance on this mid-cap software and consulting stock.
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