New Delhi: Stock Market expert Manav Jaiswal has recommended buying shares of India’s second largest Information Technology (IT) company, Infosys. The expert shared the share price target and Stop Loss to be maintained on the counter for the short term. On Thursday, the IT services firm reported better than expected April-June quarter results of financial year 2024-25.
Infosys share price target
The market expert has given positive outlook on Infosys. “The stock’s chart pattern looks good. Even after the fact that the stock has rallied a bit in the past, it is still trading at much lower levels than its all time high levels of around Rs 1,925 per share,” he told Money9.
Jaiswal added, “Infosys has recently given a break out on the charts. The stock is currently in higher top higher bottom trend. So, there can be further upside in the stock.”
Jaiswal has advised investors who are already invested in the stock to hold on to their positions. While, those investors who are looking to enter should adopt buy on dips strategy. He gave Infosys share price target of Rs 1,825 in the near term. While, he advised investors keep Infosys stop loss at below Rs 1,680 levels. On Thursday, July 18, 2024, the IT stock closed two per cent higher at Rs 1,759 apiece on the Bombay Stock Exchange (BSE).
Infosys share price history
The IT stock has rallied six per cent in the past five days
The scrip is up nearly 17 per cent in the past 30 days
Infosys share price is up six per cent in the past six months
The stock has shot up 19 per cent in the past one year
Infosys Q1 FY25 Results
The IT major Infosys on Thursday reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment.
In the year-ago period, the company clocked a profit of Rs 5,945 crore. Sequentially, the net profit in April-June fell 20 per cent from Rs 7,969 crore in the preceding January-March quarter.
The consolidated revenue of Infosys increased by 3.6 per cent to Rs 39,315 crore during the reported quarter from Rs 37,933 crore a year ago.
For the current fiscal year, the company raised its revenue growth guidance to 3-4 per cent in constant currency terms from 1-3 per cent projected earlier.
(Disclaimer: This article is only meant to provide information. News9live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Stock Market expert Manav Jaiswal said to Money9, “Infosys’s chart pattern looks good. Even after the fact that the stock has rallied a bit in the past, it is still trades at much lower levels than its all time high levels of around Rs 1,925 per share.” Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
