Are good days coming back for Naukri? Let’s find out

Are good days coming back for Naukri? Let’s find out

Indian Market
by 5paisa Research Team Last Updated: 2022-11-14T13:30:58+05:30

The stock of NAUKRI has seen a fresh gush of investments as it soared nearly 15% in 2 days.

The IT sector has shown a dismal performance this year so far owing to macroeconomic factors and high valuations. However, as observed from the past few days, we have seen IT stocks gaining momentum, thanks to strong buying at lower levels, good healthy corrections, and improving global conditions.

Meanwhile, one such stock is Info Edge Ltd, also popularly known as NAUKRI, which had lost over 50% of its value in the past one year. However, the worst seems to be over for this stock as it has jumped nearly 15% in the past 2 days, while it is up over 30% from its prior swing low of Rs 3313 level.

In its recent quarterly earnings, the revenue jumped 42% YoY to Rs 5,817 crore, while net profit rose 54% YoY to Rs 2,224 crore (excluding exceptional gain of Rs 92,937 crore reported in the previous corresponding quarter). The company expects demand to last long and robust growth in times to come.

Technically, the stock has broken out a 31-day consolidation pattern. The follow-up has been excellent on Monday, and the volume was observed above average. It has crossed above its 200-DMA and is now above all its key moving averages. The 14-period daily RSI (67.05) is in bullish territory and shows strong strength in the stock. The MACD has indicated a bullish crossover lately and demonstrates strong upside potential. The OBV and ADX are rising, which supported the positive price structure of the stock. In a nutshell, the stock is expected to trade higher in times to come.

After a dismal period, investors expect the shares to perform well in times to come. Currently, the NAUKRI share price has jumped over 7% during Monday’s trading session and trades at Rs 4388 level per share. Long-term investors should include this stock in their watchlist to track its further progress. 

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