After a strong rally from March lows, Coforge is now near a key breakout point. An investment advisor sees scope for more upside.
Coforge shares have risen 16% over the last month, and SEBI-registered investment advisor Financial Independence sees room for further upside.
Following a steady uptrend from its March lows, the stock is now testing a key resistance zone near ₹8,650 – ₹8,700, a level that previously capped rallies around January.
The firm notes that should the stock sustain a move above ₹8700, this area could become new support, potentially opening the path toward ₹9,000 or higher in the short to medium term.
On the downside, they have identified ₹8,200 as an immediate support, with a stronger base around ₹7,700, which has held well during previous pullbacks.
The Relative Strength Index (RSI) near 70 shows strength, but Financial Independence believes some consolidation at this stage would be healthy.
Fundamentally, Coforge continues to shine due to robust deal wins, digital transformation tailwinds, and sectoral leadership.
This reinforces its appeal as a candidate for swing or medium-term portfolios.
The global IT solutions provider recently launched two new AI platforms, Quasar GenAI Central and Quasar Marketplace.
Data on Stocktwits shows that retail sentiment is ‘neutral’ on this counter.
Coforge shares have fallen 11% year-to-date (YTD).
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