Infosys share price hits new record high; stock may rally 17% more in coming months

By: |
June 16, 2021 3:07 PM

Infosys share price surged as much as 1.12 per cent to hit a record high of Rs 1,489.40 apiece intraday, in an otherwise weak market.

Infosys, BSE Sensex, stock marketsTechnical analysts see another 17.5 per cent rally in the stock price in the coming months.

Infosys share price surged as much as 1.12 per cent to hit a record high of Rs 1,489.40 apiece intraday, in an otherwise weak market. Infosys has crossed its previous high of Rs 1,480, touched on April 12 this year. The stock has gained for the eight consecutive sessions, rising 7.2 per cent. In comparison, BSE Sensex has gained nearly one per cent. Technical analysts see another 17.5 per cent rally in the stock price in the coming months.

With the majority of the risk heavy sectors like real estate, metals and small-caps at their peak, IT stocks have now started their upward trend with Infosys moving to an all-time high today, said an analyst. “Infosys has attempted a strong breakout, though on lower volumes. So long as it stays above 1480, it can test 1510-1520 levels. If it slips below 1480, it may see some retracement,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.

Earlier this week, the company informed the stock exchanges that the meeting of the Board of directors of the company is scheduled on July 14, 2021, to consider and approve the audited consolidated financial results of the company for the quarter ending June 30, 2021. Infosys looks overbought on technical charts and analysts believe that rally might get extended to 1,502. “However, investors are advised to book partial profits at current levels & wait for a dip near 1375-1400 to re-enter for targets of 1580-1750 in the coming months,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

In traded volume terms, so far 3.25 lakh shares have traded on BSE, while a total of 51.34 lakh shares have exchanged hands on NSE so far intraday.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

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