Why Infosys shares may have a weak opening in stock market today — explained
Infosys shares may have a gap down opening in stock market's opening bell today. According to stock market experts, in Q1FY24 results, Infosys has cut down its revenue growth guidance to 1 per cent to 3.50 per cent.
After the disappointing guidance call by the company after Q1 results, Infosys share price on New York Stock Exchange (NYSE) tanked to the tune of 8.41 per cent and closed at $16.22 per share. So, taking cue from the US stock market, stock market experts are expecting gap-down opening for Infosys shares after declaration of Infosys results for Q1FY24.
Speaking on Infosys share price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, “Major reason for being bearish on Infosys shares is company's decision to slash FY24 revenue guidance to 1-3.5 per cent from 4-7 per cent. This hasn't gone down well among the stock market investors across globe.
On NYSE, Infosys ADR shares nosedived after the weak guidance call and hit intraday low of $15.33 apiece, losing to the tune of 13.50 per cent against its Wednesday close of $17.71 apiece on NYSE." The IIFL Securities expert went on to add that the stock may see sharp selling pressure in early morning deals on Friday and advised to exit on rise as the stock may go down towards ₹1,300 per share levels in near term. On advise to Infosys shareholders, Sumeet Bagadia, Executive Director at Choice Broking said, “Infosys shares have support placed at ₹1,350 apiece levels.
If someone is holding the stock then they are advised to maintain strict stop loss at ₹1,350. On breaching this support, Infosys shares may see more weakness in near term." Advising 'exit on rise' to Infosys shareholders, Anuj Gupta of IIFL Securities said, “Infosys shares are looking
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