Open Interest and Volume Dynamics
On 20 Jan 2026, Persistent Systems Ltd (symbol: PERSISTENT) recorded an open interest (OI) of 44,993 contracts in its derivatives market, marking a substantial increase of 5,152 contracts or 12.93% compared to the previous OI of 39,841. This rise in OI was accompanied by a trading volume of 42,545 contracts, indicating robust participation in the futures and options segments.
The futures segment alone accounted for a value of approximately ₹62,047.94 lakhs, while the options segment's notional value stood at an impressive ₹21,661.20 crores, culminating in a total derivatives value of ₹66,064.38 lakhs. Such figures underscore the significant liquidity and interest in Persistent Systems' derivatives, reflecting active hedging and speculative strategies.
Price and Trend Overview
Despite the surge in derivatives activity, the stock price closed marginally lower by 0.71% on the day, at ₹6,386, which is just 3.35% shy of its 52-week high of ₹6,599. This slight retreat follows two consecutive days of gains, suggesting a potential short-term consolidation or profit-taking phase.
Notably, Persistent Systems continues to trade above its key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a sustained bullish trend in the medium to long term. The stock outperformed its sector by 0.52% on the day, even as the broader Sensex declined by 0.45%, highlighting relative resilience amid market volatility.
Investor Participation and Liquidity Considerations
Delivery volume on 19 Jan 2026 stood at 1.6 lakh shares, representing a 4.67% decline against the five-day average delivery volume. This dip in investor participation could indicate cautious sentiment or a shift towards short-term trading strategies rather than long-term accumulation.
Liquidity remains adequate, with the stock supporting trade sizes up to ₹4.62 crores based on 2% of the five-day average traded value, ensuring that institutional and retail investors can transact without significant market impact.
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Market Positioning and Directional Bets
The sharp increase in open interest, coupled with strong volume, suggests that market participants are actively repositioning themselves in Persistent Systems derivatives. The 12.93% rise in OI indicates fresh capital inflows, possibly reflecting new directional bets or hedging activity.
Given the stock’s proximity to its 52-week high and its sustained trading above key moving averages, the market appears cautiously optimistic. However, the slight price decline and reduced delivery volumes hint at some profit-booking or short-term uncertainty.
Options data, with a notional value exceeding ₹21,661 crores, points to significant activity in calls and puts, which may be used by traders to express bullish or bearish views with limited risk. The balance between call and put open interest, though not explicitly detailed here, will be crucial in determining the prevailing market sentiment.
Mojo Score and Analyst Ratings
Persistent Systems holds a strong Mojo Score of 84.0, reflecting robust fundamentals and positive market sentiment. The Mojo Grade was recently upgraded from 'Buy' to 'Strong Buy' on 19 Jan 2026, signalling increased confidence from analysts and the MarketsMOJO Investment Committee.
Despite a moderate Market Cap Grade of 2, the company’s ₹1,00,632 crore market capitalisation places it firmly in the mid-cap category, offering a blend of growth potential and relative stability within the Computers - Software & Consulting sector.
Sector and Benchmark Comparison
On the day under review, Persistent Systems outperformed its sector, which declined by 1.35%, and the broader Sensex, which fell by 0.45%. This relative strength is noteworthy given the broader market pressures and may attract investors seeking quality mid-cap exposure in the technology space.
The sector’s underperformance contrasts with Persistent’s resilience, underscoring the company’s strong positioning and investor interest amid a challenging environment.
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Implications for Investors
The surge in open interest and sustained volume activity in Persistent Systems derivatives suggests that investors are positioning for potential volatility or directional moves in the near term. The stock’s technical strength, combined with a strong Mojo Grade upgrade, supports a bullish medium-term outlook.
However, the recent price pullback and declining delivery volumes caution investors to monitor market developments closely. Those considering fresh exposure should weigh the stock’s relative strength against broader market risks and sector dynamics.
Overall, Persistent Systems remains a compelling mid-cap technology stock with active derivatives participation signalling evolving market expectations and opportunities for strategic positioning.
Conclusion
Persistent Systems Ltd’s derivatives market activity reveals a complex interplay of optimism and caution. The 12.93% increase in open interest, robust volume, and strong Mojo Score upgrade collectively indicate growing investor confidence and potential for further upside. Yet, the slight price decline and reduced delivery volumes suggest some short-term profit-taking or consolidation.
Investors and traders should continue to monitor open interest trends, volume patterns, and price action closely to gauge the stock’s directional momentum and adjust their strategies accordingly.
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