03 Mar , 2022 By : Kanchan Joshi
Info Edge (Naukri) share price has been under pressure since quiet some time, but, at this juncture, the counter is trading near its crucial support. Previously, the stock turned from this level and a rally towards Rs7,000 was witnessed, highlighted domestic brokerage and research firm Anand Rathi.
On daily chart, there is bullish bat pattern along with moving average convergence divergence (MACD) positive crossover which is looking lucrative, as per the brokerage. Sharing the stock as its top pick for the month, it has advised traders to go long in the stock with a target price of Rs5,450 and stop loss of Rs4,250 (over 17% potential upside) with time frame of one month.
Shares of Info Edge are down more than 8% in a month whereas, it has fallen over 18% in 2022 (year-to-date or YTD) so far. Internet company Info Edge (India) Private Info Edge runs online job portal Naukri.com, along with matrimony site Jeevansathi.com, real estate platform 99Acres.com educational website Shiksha.com, among others.
With a network of 62 offices located in 43 cities throughout India, Info Edge has 4,049 employees engaged in innovation, product development, integration with mobile and social media, technology and technology updation, research and development, quality assurance, sales, marketing and payment collection. It has also made forays abroad into the Gulf market with the website www.naukrigulf.com and currently has offices Dubai, Bahrain, Riyadh and Abu Dhabi.
The company's reported over 90% rise in its standalone net profit during the third quarter (Q3) at o Rs133 as compared to Rs69 crore in the same quarter last year, on the back of 48% rise in net sales at Rs403 crore during the quarter.
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