Multibagger IT stock Birlasoft rises 120% in YTD. Experts predict more rally | Mint
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Business News/ Markets / Stock Markets/  Multibagger IT stock Birlasoft rises 120% in YTD. Experts predict more rally

Multibagger IT stock Birlasoft rises 120% in YTD. Experts predict more rally

Multibagger stock: IT major Birlasoft shares have risen from ₹297.50 to ₹650 apiece levels in YTD time

Multibagger stock: Expert believe that Birlasoft share price may go up to ₹680 apiece levels in short term. (Image: Pixabay)Premium
Multibagger stock: Expert believe that Birlasoft share price may go up to 680 apiece levels in short term. (Image: Pixabay)

Stock market today: Birlasoft shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this IT stock has risen from around 297.50 to 650 apiece levels, delivering around 120 per cent return to its positional investors. However, it seems that Birlasoft stock has still some steam left.

Birlasoft share price today opened upside at 642.80 apiece levels on NSE and went on to touch intraday high of 659.85 per share levels, which is now its new life-time high as well. In fact, this multibagger IT stock has been in bull trend for long. It has hit life-time high on two out of three sessions this week. It has touched record high on Monday session as well.

According to stock market experts, Birlasoft is getting buyers interest as small-cap IT stocks have been attracting buying interest of lon g term investors after ushering in new year 2023. This trend continued with better-than-expected quarterly results of the IT majors (barring Infosys). Now, when mid-cap and large-cap stocks are also attracting bnuyers interest and hence quality IT companies with lower size are expected to outperform large-cap IT companies. They said that Birlasoft shares may continue to rally further as FIIs have turned net buyers and they might look at IT stocks in current bull trend.

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On triggers that has helped Birlasoft share price rally in YTD, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "As giant IT companies are under pressure, small sized quality IT companies have been attracting interest of buyers as chances of further downside in those stocks were limited. Birlasoft shares alot with some other small-sized IT companies came under the radar of bottom fishers. After that, IT companies have been giving better-than-expected quarterly numbers after ushering in FY24."

"Now, FIIs have came back to the Indian stock market and for surprise to Dalal Street observers, they are net buyers in the month of December. As they would be looking at quality stocks at discounted price against their intrinsic value, small-sized IT stocks and some mid-sized IT stocks may attract FIIs' interest. So, Birlasoft shares may continue to rally further," said Gorakshkar.

Birlasoft share price target

Expecting further rally in Birlasoft shares, Sumeet Bagadia, Executive Diredctor at Choice Broking said, "Birlasoft shares are looking positive on chart pattern. It has strong support placed at 635 per share levels. One can maintain buy on dips strategy till it is trading above 635. It may soon touch 670 to 680 per share levels in near term."

Also Read: NTPC, Power Grid, BHEL share prices trade near 52-week high. Here's why

"Those who have Birlasoft shares in their stock portfolio, they can further hold the stock upgrading their stop loss at 635 per share levels," said Bagadia.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 06 Dec 2023, 01:40 PM IST
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