On 28 October, at 11:00 AM, shares of Birlasoft are trading at ₹574.85, reflecting a modest 0.62% increase from the previous closing price. This uptick comes as the broader market sees gains, with the Sensex also up by 1.03%, trading at ₹80,222.87.
Throughout the trading session, Birlasoft reached a high of ₹575.7 and a low of ₹565.6. As investors increasingly explore share market investment opportunities, Birlasoft’s performance serves as a focal point amid varying trends within the tech sector.
Technical analysis reveals challenges
Birlasoft's stock is currently trading below various short-term and long-term simple moving averages (SMA). These include the 5-day SMA at ₹582.92, the 10-day at ₹589.08, and the 20-day at ₹588.81. Additionally, the 50-day, 100-day, and 300-day SMAs are at ₹614.41, ₹644.91, and ₹689.61, respectively. This suggests that the stock may face resistance in the near future.
Key resistance and support levels
A pivot-level analysis indicates significant resistance for Birlasoft at ₹579.37, ₹588.03, and ₹597.07. Conversely, key support levels are identified at ₹561.67, ₹552.63, and ₹543.97. Understanding these levels is important for anyone considering a share market investment in this stock.
Trading volume analysis
By 11 AM, trading volume on the NSE and BSE for Birlasoft decreased by 73.28% compared to the previous session. Volume is an essential indicator of market trends. A positive price movement accompanied by high volume suggests a sustainable uptrend. Conversely, a decline in prices with high volume may indicate further drops.
Current performance outlook
According to industry analysts, the stock is currently on a downward trajectory. From a fundamental perspective, Birlasoft boasts a return on equity (ROE) of 22.71%. The price-to-earnings (P/E) ratio stands at 25.89, while the price-to-book (P/B) ratio is at 4.85. The one-year forecast suggests a potential upside of 15.51%, with a target price set at ₹664.00.
Shareholding patterns
Recent filings reveal that Birlasoft had 0.00% promoter holdings, 0.81% mutual fund (MF) holdings, and 11.71% foreign institutional investor (FII) holdings as of the September quarter. Notably, MF holdings increased slightly from 0.79% in June. However, FII holdings dropped from 18.82% to 11.71% during the same period.
Market context
Today, Birlasoft shares are up 0.62%, while its peers present a mixed performance. While Happiest Minds Technologies sees a decline, companies like Newgen Software Technologies, Sonata Software, and Zensar Technologies experience gains. Overall, the benchmark indices, Nifty and Sensex, are up by 0.99% and 1.03%, respectively.
Key takeaways
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