Hexaware Technologies shares surged as much as 12% in intraday trade on the BSE on Friday, 9 October, with a strong spurt in volume. Hexaware Technologies share price opened at ₹533 against its previous close of ₹510.85 and jumped 12.4% to an intraday high of ₹574.45, looking set to extend gains for the fifth consecutive session. The stock witnessed a more than 9.83 times spurt in volume in Friday’s session.
Why is Hexaware Tech share price rising?
The jump in stock prices on Friday followed the company’s announcement of a multi-year partnership with Anthropic on Thursday, 8 October. Under the partnership, Hexaware
becomes a preferred partner in Anthropic’s Claude Partner Network.
“Hexaware has more than 1,100 Claude-certified professionals. Hexaware and Anthropic will work together on go-to-market, joint solution development, and customer deployments, and Hexaware will expand Claude training across its delivery teams,” said the company.
Hexaware Tech share price trend
The stock is up 13% over the last six months, compared to a 6% fall in equity benchmark Sensex and a 10% decline in the BSE IT index.
Year-to-date, however, the stock is down 29% compared to a 15% drop in Sensex and a 26% decline in the BSE IT index.
The stock hit a 52-week high of ₹808.40 on 4 December last year and a 52-week low of ₹400.35 on 12 March this year.
What’s next for the stock?
According to Aditya Thukral, founder and analyst at AT Research and Risk Managers, Hexaware Technologies has been in a downtrend with the formation of lower highs and lower lows.
Thukral underscored that the stock is trading with negative crossovers between its major EMAs and is also approaching resistance areas.
“There is a high probability that the stock might start falling from this resistance again. In case the stock is able to cross the resistance of ₹585 convincingly, it could move higher in corrective structure towards ₹720; however, the chances of that to happen is low,” said Thukral.
“The stock is in a downtrend, and downtrend continuation from the current prices looks highly realistic. Investors should think of exiting this stock near the current price and should think of buying only if the stock crosses the resistance of ₹585 convincingly,” Thukral said.
Vipin Kumar, AVP-Research at Globe Capital Market, underscored that the broader chart structure remains largely sideways with a negative bias, facing strong resistance around ₹585– ₹620 levels and support around ₹475– ₹480 levels.
“Going forward, we anticipate it will continue its sideways move as long as the stock trades within the broader range of ₹475– ₹585. A decisive breakout on either side of this range is essential for the next short-term directional move,” said Kumar.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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