Anand Rathi lists 2 ‘emerging picks’ including Infosys; details here
₹1,510–1,490 with a stop loss of ₹1,445. The stock has gained around 5 percent in the last 1 year but has shed 3 percent in 2024 YTD, despite giving positive returns in 3 of the 4 months so far. It has been flat in April after a 10.5 percent decline in March.
However, the stock rose around 1 percent in February and 7.5 percent in January 2024. Currently trading at ₹1,499, the stock is over 13 percent away from its 52-week high of ₹1,731, hit on February 6, 2024. Meanwhile, it has jumped over 23 percent from its 52-week low of ₹1,215.45, hit on April 25, 2023.
“For the past three years, UPL started its correction from the peak of ₹820 and almost tested the ₹450 mark. The long-term chart depicts that the stock has retraced exactly 61.8 percent of the entire rally which started from the year 2020. In addition, we are witnessing a double bottom formation near the ₹450 mark on the daily scale.
Thus, the brokerage advises traders to go long in the stock in the range of ₹495–485 with a stop loss of ₹450," the brokerage said. The bullish review by the brokerage comes despite an over 33 percent fall in the stock in the last one year and a 15.5 percent decline in 2024 YTD. The scrip has given positive returns in just 1 of the 4 months so far.
It rose almost 9 percent in April, snapping losses after 3 straight months of decline. It fell 2.9 percent in March, 12.7 percent in February and 8.4 percent in January 2024. Currently trading at ₹496.20, the stock is around 35 percent away from its 52-week high of ₹760.45, hit on May 2, 2024.
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