Infosys At 7 Month High: What Should Be Your Trade Call Buy/Sell Or Hold?

On Thursday, the shares of Infosys opened above the mark of Rs 1500 which is at a 7-month high level since February 28, 2023 from Rs 1,487.55. The scrip opened higher at Rs 1502.60 apiece and clocked an intraday high of Rs 1512.75 logging a gain of 0.67% at a market cap of Rs 6,23,736.53 Cr. The stock made a 52-week-high of Rs 1,672.45 on (01/12/2022) and a 52-week-low of Rs 1,215.45 on (25/04/2023).

Analysts claim that Infosys has been highly positive on the daily charts, but it has also been somewhat overbought. So what should be your trade call? Let's take experts' recommendations on Infosys share price target.

Gaurav Bissa, VP, InCred Equities said, "Infosys has been a very stable name in the last few months. The stock managed to hold ground even when it came out with weak quarterly numbers suggesting the selling might have reduced. The stock was seen trading in a triangle pattern formation which led to a small consolidation on the daily and weekly charts. The stock has recently witnessed a bullish triangle breakout followed by a retest which ensured the trend remained strong. Infosys has seen a descending channel breakout in rsi on the weekly charts which is expected to give a push to the stock price towards 1630 levels. A weekly close above this will push it towards fresh life high levels."

Kkunal Parar, Vice-President (Technical Research), Choice Broking believes "On a weekly chart, the stock has given a breakout of its Upper Band of Falling Wedge formation which is a Bullish Reversal formation and indicates an upside move in the counter. Moreover, the stock has started to trade above its 50 Weeks Moving Average which is placed at the 1435 level, showing that trend has changed from bottom to Up. Even on a smaller time frame, the stock has been trading in an Upward Rising Channel formation which is a continuation formation and suggests an upside movement in the counter. A weekly momentum indicator RSI is trending above its 50 mark after a long time which shows positive breath in the counter. Based on the above technical structure, one can go for Long at CMP and any dip up to 1450 with a Strict SL of 1390 for the Target of 1630-1900."

AR Ramachandran from Tips2trades said, "Infosys has been very bullish but also slightly overbought on the Daily charts with next resistance at 1536. Investors should be booking profits at current levels as a daily close below support of 1460 could lead to a fall till 1340 in the near term."

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.