COFORGE BUY ABOVE 1912 TARGET PRICE 1932-1952, SL 1897 (INTRA-DAY TRADE).

COFORGE BUY ABOVE 1912 TARGET PRICE 1932-1952, SL 1897 (INTRA-DAY TRADE).

The stock is in an uptrend since April 9 this year, making higher-high formation. The stock was approaching its all-time high price of Rs.2005. The bullish momentum is underlined hence recommending the stock to enter above price of Rs.1912 if sustains above it with expecting an up-move upto 1952 with risk rise below Rs.1897. It’s a pure intraday trade.

With a positive fundamental about the company, punters are expecting early rate cut in US and reflects rally in Nasdaq stocks. US stocks are nearing record highs after the ceasefire between Iran and Israel was seen as easing political risks, along with reports suggesting the possibility of US President considering an early replacement for the Federal Reserve chief Jerome Powell with somebody more inclined towards a rate cut. President Trump said he has candidates in mind to replace Powell as the Chair of the central bank.

Trump has attacked Powell multiple times after the latter highlighted the possibility of rise in inflation after Trump's tariffs take effect. "We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate, Trump had said.

A rate cut by the US Fed would likely increase the discretionary spending limit of Americans, and Indian IT companies that derive revenue from the US economy may be positively impacted by that.

IT stocks are witnessing strong buying interest, supported by easing geopolitical tensions and continued strength in global technology indices, particularly in the U.S. markets.