Anand Rathi sees 12% upside in this IT stock in one month

1 min read 23 May 2022, 12:35 PM IST Edited By Asit Manohar

On daily chart there is bullish ‘wold wave’ pattern, which is looking lucrative, says Anand Rathi's technical report

Anand Rathi stock recommendation: The brokerage believes that Coforge share price may go up to ₹4350 apiece levels in next one month. (Reuters) — Anand Rathi stock recommendation: The brokerage believes that Coforge share price may go up to ₹4350 apiece levels in next one month. **(Reuters)**

Anand Rathi stock recommendations: On account of margin and supply side pressure, IT stocks have been under pressure after ushering in new year 2022. However, the situation further worsened after the outbreak of Russia-Ukraine war. Like all IT stocks, Coforge share price too witnessed heavy sell-off pressure in this period. In YTD time, Coforge share price has tumbled from around ₹5975 apiece levels to ₹3875 levels today, logging more than 35 per cent dip in 2022. However, Anand Rathi believes that the consolidation phase in tis IT stock is over and it may now give sharp upside swing in next one month.

According to Anand Rathi research report, Coforge share price may go up to ₹4350 per share levels in next one month. As Coforge share price today is around ₹3875 levels, if this Anand Rathi's research report comes good, then an investor will be able to pocket more than 12 per cent gain from one's investment in next one month.

Highlighting the reason for being bullish on Coforge shares, Anand Rathi report says, "COFORGE has been under pressure since quiet some time but at this juncture its trading near its crucial support." Believing in history to repeat itself again, the Anand Rathi report said, "Previously the stock turned from this level and we saw a rally towards ₹5500."

On why Andnd Rathi is so bullish on Coforge shares, the brokerage report said, "On DAILY chart there is bullish WOLFE WAVE pattern which is looking lucrative. Thus we advise traders to go long in the stock with a stop loss of ₹3495."

Coforge shares have been under pressure since the beginning of new year as it retraced from its 2022 closing high of ₹6,105 on NSE to ₹3261.70 apiece levels, losing almost 50 per cent in the year 2022. However, after making its new 52-week low of ₹3261.70, the IT stock has bounced back strongly and sustained above ₹3800 levels, giving hopes of sharp recovery in this mid-cap IT stock.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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