Anand Rathi Stock Recommendations: Due to margin and supply side pressures, IT stocks have been under pressure since the start of New Year 2022. However, the situation worsened after the outbreak of the Russo-Ukraine War. Like all IT stocks, the share price of Coforge too witnessed heavy selling pressure during this period. In YTD time, the Coforge share price has nearly fallen 5975 per level to Today’s level of 3875, a drop of more than 35 percent in 2022. However, Anand Rathi believes that the consolidation phase in TIS IT stock is over and it may now give a sharp jump in the next one month.
According to the research report of Anand Rathi, coforge share price can go up 4350 per share level in the next one month. Coforge share price is around today If this Anand Rathi research report comes out well at 3875 level, then the investor will be able to get more than 12 per cent return from his investment in the next one month.
Highlighting the reasons for the rally on Coforge shares, the report by Anand Rathi says, “COFORGE has been under pressure for some time now, but at the moment it trades near its critical support.” Believing history to repeat itself again, Anand Rathi reports, “Earlier the stock turned from this level and we saw a rally. 5500.”
On why Andand Rathi is so bullish on Coforge shares, the brokerage report said, “There is a bullish wolf wave pattern on the daily chart which is looking attractive. Thus we suggest traders to go with long stop loss in the stock. recommend. 3495.”
Coforge shares have been under pressure since the start of the new year as it retraced from its 2022 highs NSE to . on 6,105 3261.70 level, a drop of about 50 percent in the year 2022. However, after making its new 52-week low 3261.70, IT stock has made a strong comeback and remains up 3800 level gives hope for a sharp recovery in this mid-cap IT stock.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.