Shares of Infosys Ltd closed 0.26 percent higher at Rs 1,864.10 on Monday. Considering today’s closing price, the stock has risen 20.17 percent year-to-date. Despite the said rise, the stock was 2.04 percent below its all-time high of Rs 1,903, a level reached on July 29, 2024.

The IT giant reported a 7.1 percent increase in profit in the current financial year 2024-25 (Q1 FY25) compared to the same period last year. Profit in the June 2024 quarter stood at Rs 6,368 crore as against Rs 5,945 crore in the same period last year. In Q1 FY25, revenue rose 3.6 percent year-on-year to Rs 39,315 crore as against Rs 37,933 crore in the corresponding quarter last year.

Kranthi Bathini, director of equity strategy at WealthMills Securities, said the majority of IT stocks have been resilient. “Currently, they are showing a positive trend from a medium to long-term perspective. Quarterly results have been largely muted. However, the probability of a rate cut in the US is very high. Therefore, investors should buy quality IT stocks on any dip,” he suggested.

In the technical setup, support could be seen on the counter in the Rs 1,830-1,750 zone. However, resistance could be found in the Rs 1,880-1,900 zone. A decisive close above Rs 1,900 can only trigger further uptrend.

Osho Krishan, senior research analyst, technicals and derivatives, Angel One, said, “INFY has witnessed a sharp rally from Rs 1,400 to the sub-Rs 1,900 zone in the last few months. The counter then had to take some profits. It has regained momentum and has come back to reclaim its all-time high. From a technical perspective, the stock has been in an uptrend and is likely to continue its momentum, with dips offering buying opportunities. In terms of specific levels, support is expected in the Rs 1,800-1,750 range, while a clear breakout above Rs 1,900 would mark the next leg of the rally.”

Jigar S Patel, senior manager and technical research analyst at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 1,830 and resistance at Rs 1,880. A clear close above Rs 1,880 could trigger further upside towards Rs 1,900. The expected trading range will be between Rs 1,800 and Rs 1,900 in the short term.”

The counter was trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day SMAs. The stock’s 14-day relative strength index (RSI) was at 65.50. A reading below 30 is defined as oversold, while a reading above 70 is considered overbought.

According to BSE, the company’s stock has a price to equity (P/E) ratio of 28.62 against a price to book ratio (P/B) of 9.53. Earnings per share (EPS) was 65.14 with a return on equity (RoE) of 33.32.