Persistent Systems slips 0.24% for second weekly loss

Persistent Systems Limited shares fell 0.24% to Rs 5,727.50 in the week to 23 October, a second weekly loss, as its QIP opened. Support is at Rs 5,150. Persistent Systems Limited [

] shares ended the week to 23 October at Rs 5,727.50, a marginal loss of 0.24%. It is the second straight weekly decline for the stock. The stock lagged the IT sector, which rallied over 11% in the previous week and slipped 0.5% this week. The company opened a qualified institutions placement on 21 October, with a floor price of Rs 5,761 per share. The weekly close is slightly below that floor price. Fresh share issues can add to supply, so the reaction needs watching. The week opened at Rs 5,742.00, touched a high of Rs 5,914.50 and a low of Rs 5,635.00. On the weekly chart, price is stuck below the Rs 6,100 resistance, which has capped rallies since 2025. The RSI reads 57.73, above its average of 55.76, which shows balanced, slightly positive momentum. In my view, the stock is consolidating below resistance. A weekly close above Rs 6,100 would bring a recovery attempt into focus, and a fall below Rs 5,150 would put lower levels in view. Neutral stance while price trades between Rs 5,150 and Rs 6,100. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.