On December 20, 2024, Newgen Software's share price hit an all-time high. The stock gained 2.7%, only 0.93% below its 52-week peak of Rs 1,547. This impressive performance by Newgen shows its continued growth in the IT software sector with upward momentum.
Newgen's stock has opened at Rs. 1,533 and sustained its gains, staying above key moving averages across multiple timeframes. Trading consistently above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages shows a strong upward trend.
Since last year, the company has shown a remarkable return of 120.39%. Thus, outperforming Sensex by leaps and bounds, which only registered a 12.22% growth in the same period.
Overall, Newgen Software Technologies has an upward trend as the stock presents higher highs and higher lows. This means buying interest is strong, and the market sentiment is positive.
There have been periods of consolidation where the price moved sideways or slightly downward. However, these phases are seen as healthy pauses, allowing the stock to accumulate strength before resuming its upward journey.
Increasing volume during the uptrend is a promising sign. It suggests that more investors are participating in the stock's movement, potentially leading to more significant price swings.
The stock has bounced off the Rs 1,371 level multiple times today, which has been a critical support level. On the other hand, the Rs 1,549 level has been a strong resistance that has checked the stock's momentum on the upside.
If the stock can stay above this level with good volume, it may indicate a new growth cycle. As of 11.54 am on December 20, the stock is trading at Rs. 1,600. However, a fall below the support level of Rs 1,371 might make it a reversal of the uptrend. In that case, the next support might come in at Rs 1,200.
Newgen Software Technologies has performed well in the last year, and the company is now one of the major contenders in theIT software segment. The stock is now promising for investors seeking growth opportunities in the market, given its continued growth.