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Home News Infosys share price close to 52-week low. Opportunity for bottom fishing?

Infosys share price close to 52-week low. Opportunity for bottom fishing?

Infosys shares have been in a downtrend for the past year, unless there is some pullback action between the last week of September 2022 and the end of November 2022. is at the level, which is approximately 2% below the Rs. 1,355 52-week low on the NSE.

Following the onset of a series of bank crises in the United States and the collapse of Credit Suisse in Europe, experts on the stock market believe that Indian IT stocks, particularly large-caps like Infosys, are experiencing selling pressure. He said that Indian IT companies are likely to lose a lot of business in the coming quarters because of the banking crisis in the US. As a result, the stock is likely to move further lower than the 1,240 level in the short to medium term, making the current 52-week low appear weak. He said that the Clever IT record likewise looks powerless as the file is under 28,000 and may slide further towards its past low of 26,200.

Ravi Singhal, CEO of GCL Broking, explained why Infosys shares have fallen: “IT stocks have been under pressure for more than a year after the Russia-Ukraine war.” As a result, IT stock prices are already discounted.” But there are additional drawbacks. After SVB’s collapse, a bank crisis in the United States cannot be ruled out because 40 to 50 percent of Indian IT companies in the United States will be affected by BFSI. may report better numbers in FY24 however in the accompanying quarters FY24, they will most likely be unable to keep up with their high footing and thus the market has begun limiting on that decrease in their US income.”

“Nifty IT index is trading in the range of 29,000 to 26,200 and it is showing sideways downside on the charts,” stated Sumeet Bagadia, Executive Director of Choice Broking, anticipating continued weakness in IT stocks. As a result, we have high hopes for most stocks.” On the up side, I can see selling.” of stocks in IT

Ravi Singhal of GCL Broking predicted a significant sell-off in large-cap IT stocks. However, he also predicted that the decline in mid-cap and small-cap IT stocks would be limited. As a result, the share price of Infosys would “break your current 52-week low and move higher 1,240 each, its previous low.”

He advised Infosys shareholders to exit on growth and maintain a stop loss below the 52-week low, as Infosys may soon rise above the 1,450 level if its 52-week low is defended.

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