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Business News/ Markets / Stock Markets/  Why Infosys share price is rising today — explained
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Why Infosys share price is rising today — explained

Infosys shares rise on the back of a collaboration deal with Nasdaq tech major Liberty Global, boosting the IT sector, say experts

Infosys shares may go up to ₹1,550 apiece levels, if it manages to breach current resistance placed at ₹1,440 to ₹1,450 levels, say experts. (REUTERS)Premium
Infosys shares may go up to 1,550 apiece levels, if it manages to breach current resistance placed at 1,440 to 1,450 levels, say experts. (REUTERS)

Stock market today: Infosys shares have been witnessing buying interest since early morning deals on Wednesday. Infosys share price today opened with an upside gap at 1,410.80 apiece levels on NSE and went on to hit intraday high of 1,419.50 per share levels, logging near 2 per cent rise against its Monday close of 1,393.55 per share. According to market experts, Infosys has declared big deal on 15th August 2023 in which it has collaborated with Nasdaq tech major Liberty Global. In this collaboration, two tech entities have joined together to bring Air Intelligence (AI) powered digital entertainment to customers and drive significant efficiencies on technology costs. They said that market is responding to this development and that's why Infosys shares are rising in early morning deals.

On why Infosys share price is receiving buying interest today, Saurabh Jain, Vice President — Research at SMC Global Securities said, “Recently, HCL Tech announced collaboration with global tech giant Verizon Business. This has already bring momentum in Indian IT company stocks. After this, Infosys sealed a deal with Liberty Global, which has further boosted the morale of stock market bulls in regard to IT stocks."

SMC Global Securities expert went on to add that rally can be a new beginning of buying interest in Indian IT segment as two big deals by two big Indian IT companies have signaled that IT companies are getting orders and the situation is not that much bad as the market has been expecting after the outbreak of Russia-Ukraine war last year.

Infosys share price target

Advising ‘buy on dips’ strategy in regard to Infosys shares, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “Currently, Infosys shares are in 1,300 to 1,450 range and bullish or bearing trend can be assumed only after breakage of either side of the range. Currently, the stock is facing resistance at around 1,440 to 1,450 apiece levels forming strong support base at 1,300 to 1,310 range."

He advised Infy shareholders to hold the stock and keep on accumulating as it may go up to 1,550 levels after breaching its current hurdle on closing basis. For fresh investors, Ganesh Dongre of Anand Rathi advised to maintain ‘buy on dips’ strategy maintaining strict stop loss at 1,300 levels for medium term target of 1,550 per share levels.

Infosys Liberty Global deal

Liberty Global, one of the world's leading converged video, broadband and communications companies, and Infosys, a global leader in next-generation digital services and consulting, today announced that they have expanded their collaboration to evolve and scale Liberty Global's cutting-edge digital entertainment and connectivity platforms.

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 decisions.

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ABOUT THE AUTHOR
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. Download The Mint News App to get Daily Market Updates.
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Published: 16 Aug 2023, 10:11 AM IST
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