LTIMindtree shares erase all the gains made in the last six weeks with the worst week of 2024 – CNBC TV18

LTIMindtree shares erase all the gains made in the last six weeks with the worst week of 2024 – CNBC TV18

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Shares of LTIMindtree Ltd., recently excluded from the Nifty 50 index fell another 6% on Friday. With this the stock is down for the fourth day running. Shares had declined 5.5% on Thursday as well.

Company Value Change %Change

With this fall, the stock is down 13% so far for the week and is set to snap a six-week gaining streak. With this weekly drop, LTIMindtree shares have erased all the gains they made during the last six weeks.

In an analyst meet held during the month of November, the company highlighted that the company is hopeful of achieving $10 billion in revenue by 2031-32 from $4.3 billion in financial year 2024. The management is also hopeful of achieving this target on an organic basis by financial year 2032.

The company is focusing on scaling up key verticals like BFSI and Tech and also has plans to grow manufacturing, resources, healthcare, lifesciences and consumer verticals to triple their size.

With this weekly drop, shares of LTIMindtree have also slipped below their 50 and 100-Day Moving Averages. Their 200-Day Moving Average is placed further down at levels of ₹5,551. The stock has not broken below its 200-DMA since July this year.

On the charts, the stock is also heading towards oversold territories with its Relative Strength Index (RSI) now at 34. An RSI reading below 30 indicates that the stock is “oversold.”

Out of the 41 analysts that have coverage on LTIMindtree, 22 of them still have a “buy” rating on the stock, while 12 of them have a “sell” rating. Seven other analysts have a “hold” rating on the stock.

Shares of LTIMindtree are now trading 5.9% lower at ₹5,854.1. With this fall, the stock has turned negative for the year and is now down 7% on a year-to-date basis.

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