Infosys shares down 12% in 2023 so far; what's next: Rs 1,250 or Rs 1,450?
Infosys share price: Support on the counter could be seen around Rs 1,300. Two of the analysts suggested to accumulate it at current levels. Investors can buy this stock with a stop loss placed at Rs 1,250 for targets of up to Rs 1,450, one of them said. On the flipside, one more analyst said that a daily close below Rs 1,305 could lead to Rs 1,240 in the near term.
- Jul 28, 2023,
- Updated Jul 28, 2023 7:12 PM IST
Shares of Infosys Ltd resumed fall on Friday, pausing their two-day climb. The stock today slipped 1.28 per cent to hit a day low of Rs 1,335.55 over its previous close of Rs 1,352.85. The scrip eventually settled 0.92 per cent lower at Rs 1,340.35. At this price, it has declined more than 12 per cent on a year-to-date (YTD) basis. Recently, the IT major halved its full-year revenue growth outlook, which resulted in a massive plunge in share price. The company cut its fiscal 2023 revenue forecast to 1 per cent-3.5 per cent on a constant currency basis from 4 per cent-7 per cent.
Support on the counter could be seen around Rs 1,300. Two of the analysts suggested to accumulate it at current levels. Investors can buy this stock with a stop loss placed at Rs 1,250 for targets of up to Rs 1,450, one of them said. On the flipside, one more analyst said that a daily close below Rs 1,305 could lead to Rs 1,240 in the near term.
Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, said, "The stock has witnessed a steep fall post the result outcome. Near-term support is now visible at around Rs 1,300 level. The overall trend would turn positive only if a decisive breach above Rs 1,380 level is established and sustained."
Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, "Infy has nosedived post the outcome of quarterly earnings and is hovering near the previous consolidation zone with a negative undertone. On the technical front, the immediate support lies around the Rs 1,300-1,280 zone, while on the higher end, the bearish gap of Rs 1,350-1,440 is likely to act as resistance in a comparable period."
Ganesh Dongre, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "On the weekly time zone, the stock is still holding its 200-DMA which stands at Rs 1,270. At the current level, this will be a good opportunity to enter. So, investors can buy this stock with a stop loss of Rs 1,250 for targets of Rs 1,420-1,450."
Ravi Singh, Vice-President and Head of Research at Share India, said, "Infosys is witnessing selling pressure at current levels. However, the technical formation in the stock and the momentum oscillators is suggesting a rangebound movement in the coming weeks. Infosys stock may touch the levels of Rs 1,300 in coming trading sessions.
AR Ramachandran from Tips2trades said, "Infosys looks bearish with strong resistance at Rs 1,364. A daily close below support of Rs 1,305 could lead to Rs 1,240 in the near term."
Vaibhav Kaushik, Research Analyst, GCL Broking, said, "The stock has tumbled from Rs 1,500 level to Rs 1,300 after quarterly results. Now, it is under consolidation. And, this is a good time to accumulate it."
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Shares of Infosys Ltd resumed fall on Friday, pausing their two-day climb. The stock today slipped 1.28 per cent to hit a day low of Rs 1,335.55 over its previous close of Rs 1,352.85. The scrip eventually settled 0.92 per cent lower at Rs 1,340.35. At this price, it has declined more than 12 per cent on a year-to-date (YTD) basis. Recently, the IT major halved its full-year revenue growth outlook, which resulted in a massive plunge in share price. The company cut its fiscal 2023 revenue forecast to 1 per cent-3.5 per cent on a constant currency basis from 4 per cent-7 per cent.
Support on the counter could be seen around Rs 1,300. Two of the analysts suggested to accumulate it at current levels. Investors can buy this stock with a stop loss placed at Rs 1,250 for targets of up to Rs 1,450, one of them said. On the flipside, one more analyst said that a daily close below Rs 1,305 could lead to Rs 1,240 in the near term.
Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, said, "The stock has witnessed a steep fall post the result outcome. Near-term support is now visible at around Rs 1,300 level. The overall trend would turn positive only if a decisive breach above Rs 1,380 level is established and sustained."
Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, "Infy has nosedived post the outcome of quarterly earnings and is hovering near the previous consolidation zone with a negative undertone. On the technical front, the immediate support lies around the Rs 1,300-1,280 zone, while on the higher end, the bearish gap of Rs 1,350-1,440 is likely to act as resistance in a comparable period."
Ganesh Dongre, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "On the weekly time zone, the stock is still holding its 200-DMA which stands at Rs 1,270. At the current level, this will be a good opportunity to enter. So, investors can buy this stock with a stop loss of Rs 1,250 for targets of Rs 1,420-1,450."
Ravi Singh, Vice-President and Head of Research at Share India, said, "Infosys is witnessing selling pressure at current levels. However, the technical formation in the stock and the momentum oscillators is suggesting a rangebound movement in the coming weeks. Infosys stock may touch the levels of Rs 1,300 in coming trading sessions.
AR Ramachandran from Tips2trades said, "Infosys looks bearish with strong resistance at Rs 1,364. A daily close below support of Rs 1,305 could lead to Rs 1,240 in the near term."
Vaibhav Kaushik, Research Analyst, GCL Broking, said, "The stock has tumbled from Rs 1,500 level to Rs 1,300 after quarterly results. Now, it is under consolidation. And, this is a good time to accumulate it."
Also read: Indiabulls Housing shares surge 9% on dividend, improved outlook. Key details
Also read: Hot stocks on July 28, 2023: Escorts Kubota, Intellect Design, RBL Bank, RVNL and more