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Most unlisted shares saw a decline of 25-60% in the last one year after the underperformance of recent IPOs derailed investor sentiment.

The Relative Strength Index of the stock stood at 65.52 on Tuesday.

On the technical charts, the 200-day moving average of the stock stood at Rs 353.81.

We are raising about Rs 320 crores as primary capital through this IPO and as said in the RHP about Rs 145 crores of that will be used for debt reduction.

A total of 43,630 shares changed hands on the counter till 01:37PM (IST)

Most technical indicators suggest that the upside is likely to remain intact; however, the stock is trading near an overbought zone, hence, mild profit booking could be on the cards.

The company has hired Kotak Investment Banking, Axis Capital, IIFL Securities, Jefferies and JP Morgan as book-running lead managers while KFin Technologies has been appointed the registrar to the issue.

"Infosys has a habit of surprising investors sharply with their earnings reports. While there is always some controversy in the market, investors should focus on valuations and not blink green with regards to IT investment. Despite the recent drop in valuations, the IT sector has a strong revenue tailwind due to their business model and client spending habits, creating ample buying opportunities."

On our top line, last particular quarter on a per-day basis top line sequential growth stood at 7.4% which as anyone can understand is quite healthy in the current environment.

Release of Thinuvu (Tamil), Mr Chaterjee Vs Norway and other regional releases during the quarter should help improve other sales & services revenue sequentially .