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Infosys shares jump 4% today; what's next for this IT counter?

Infosys shares jump 4% today; what's next for this IT counter?

Infosys share price: The stock climbed 4.35 per cent to hit a day high of Rs 1,536.60. Despite the mentioned rise, the IT scrip has shed over 1 per cent on a year-to-date (YTD) basis as against a near 6 per cent surge in the benchmark BSE Sensex pack.

Prashun Talukdar
Prashun Talukdar
  • Updated Jun 7, 2024 2:19 PM IST
Infosys shares jump 4% today; what's next for this IT counter?Infosys share price: The counter's 14-day relative strength index (RSI) came at 66.89.

Shares of Infosys Ltd saw a decent uptick in Friday's trading session. The stock climbed 4.35 per cent to hit a day high of Rs 1,536.60. Despite the mentioned rise, the IT scrip has shed over 1 per cent on a year-to-date (YTD) basis as against a near 6 per cent surge in the benchmark BSE Sensex pack.

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On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 150-day and 200-day simple moving averages (SMAs) but lower than the 100-day SMA. The counter's 14-day relative strength index (RSI) came at 66.89. A level below 30 is defined as oversold while a value above 70 is considered overbought.

Support on the counter could be seen at the Rs 1,500-1,475 zone. And, a decisive breach above Rs 1,570 level is required for more upside. 

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has been underperforming since a long time. We expect it to hit an upside target of Rs 1,585 in the coming days with support maintained near Rs 1,480."

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Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Infy has gained traction in the last couple of sessions. The recent development construes a positive setup on charts and it is most likely to hover at higher zone. For now, the Rs 1,500-1,475 zone is likely to be seen as intermediate support. On the higher end, the Rs 1,550-1,570 range is likely to be a challenging zone and a decisive breach could provide upward thrust into the counter."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 1,500 and resistance at Rs 1,550. A decisive close above Rs 1,550 level may trigger a further upside till Rs 1,600. The expected trading range will be between Rs 1,475 and Rs 1,600 for a month."

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Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, "One can consider buying Infosys shares for a target of Rs 1,580. Keep a strict stop loss placed at Rs 1,490."

The IT company's stock has a price-to-equity (P/E) ratio of 22.44 against a price-to-book (P/B) value of 7.53. Earnings per share (EPS) stood at 65.61 with a return on equity of 33.55.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jun 7, 2024 2:16 PM IST
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