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Touching an all-time high, Newgen Software Technologies' share price on 26 December 2024 is up by 3.32% per cent. The stock is currently trading close to ₹1711.95. This surge reflects great investor confidence and growing market demand for the company's services in the IT software sector.
Newgen Software stock is going on an upward trajectory. This is because the year-on-year return of the stock stood at 117%, significantly above the average return given by the market. Key Financials
52-Week High: ₹1660.00
52-Week Low: ₹676.05
Market Capitalisation: ₹240,214 million
P/E Ratio: 74.28 (premium)
EPS (TTM): ₹20.78
Beta: 1.06 (moderate volatility compared to the market)
In the last five trading days, Newgen Software Technologies has rallied almost 11%, being up by 47.03% in the last month. During this very period, Sensex had reported a decline of 2.05%. This stock is moving well ahead of the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
Resistance Level: ₹1711.95 (high)
Support Level: ₹1592.00 (previous low)
These levels are critically important for investors to focus on, as they would indicate most of the possible price action in upcoming trading sessions.
Newgen Software shares have a decent growth prospect, forecasted to grow by 18% per annum within the next three years. It is a stock with a high P/E ratio, underlining growth prospects, and positive market sentiments. Volatility on the stock, however, along with a premium value attached to it, demands caution. Investors should keep an eye on the support level of ₹1592 to determine potential price movement.
Given its stellar returns and market positioning, this tech stock provides a good investment opportunity. Nonetheless, the stock's steep valuation and volatility may pose some risk. Investors are further advised to do their due diligence on the stock and consult financial advisers before making any investment.
