Midcap IT stock Birlasoft can give strong returns in the coming few months. Birlasoft shares can go towards Rs 570 level in short term.
HDFC Securities said in a note that Birlasoft’s shares had reached a high of Rs 586 in January 2022, after which the company’s shares underwent a correction and in February 2022, the stocks got support at the level of Rs 380.
New uptrend confirmed in the shares of
the company Since February 24 this year, the company’s shares have started rising. The company’s shares have reached a high of Rs 470 with strong volumes, which has confirmed a new uptrend.
HDFC Securities in its note said that technical indicators are giving positive signals as the company’s shares are trading above the 20 and 50 day Simple Moving Average (SMA).
Besides, daily momentum indicators like 14-day relative strength index (RSI) have bounced back from oversold levels and are now in rising mode.
With a target price of Rs 520/570 over a time period of 1-3 months,
HDFC Securities has given a buy rating to Birlasoft shares. The brokerage house has given a target price of Rs 520/570 for the shares of the company over a time period of 1-3 months. The brokerage house has asked to maintain stop loss at Rs 440 level.
The company’s shares have gained more than 91 per cent in the one-year period. The company’s shares have fallen about 17 per cent so far this year.
The 52-week high of Birlasoft’s shares is Rs 585.85. At the same time, the 52-week low level of the shares is Rs 215.90.
