Infy, TCS, Coforge: IT stocks could be the best bets this earnings season

The major IT stocks like Infosys, LTI, Coforge continue to absorb selling pressure at the counters

NIFTY IT INDEX
Likely target: 40,000
Upside potential: 2.50%

The IT index continues to claim a new all-time high with a robust outlook for coming sessions. The immediate support comes at 38,000 levels and as long as this neckline is held, the bullish optimism should head in the direction of 40,000. The breakout above 38,000 mark suggests a firm upward direction, according to the weekly layout. CLICK HERE FOR THE CHART

Infosys Ltd (INFY)
Likely target: Rs 2,000 and Rs 2,100
Upside potential: 7% to 11%

The medium-term outlook is quite bullish for the Infosys Ltd. The breakout above Rs 1,800 after almost consolidating near the support of Rs 1,600 levels has reflected the strength and momentum that is likely to see higher levels in the coming months. The overall trend is heading towards Rs 2,000 and Rs 2,100 levels. The medium term outlook displays Rs 2,500 as higher levels. The immediate closing basis support stays at Rs 1,800, as per the daily and weekly charts.  CLICK HERE FOR THE CHART

 
Tata Consultancy Services (TCS)
Likely target: Rs 4,200 and Rs 4,500
Upside potential: 9% to 16%

The stock has overcome the major hurdle of Rs 3,750 with decent volumes. This move exhibits a positive bias with underneath strengths to favour the bulls. Going forward, as long as the support of Rs 3,750 is defended on the closing basis, the bullish outlook is heading towards a new all-time high of Rs 4,200 and Rs 4,500 levels. CLICK HERE FOR THE CHART
 
Coforge Ltd (COFORGE)
Likely target: Rs 6,500 and Rs 6,700
Upside potential: 7% to 10%
 
The shares of Coforge Ltd are attempting to cross the hurdle range of Rs 6,000 to 5,800 levels. This behaviour suggests a possible breakout in the direction of Rs 6,500 and Rs 6,700 levels. The immediate support comes at Rs 5,800 levels, according to the daily chart. The Moving Average Convergence Divergence (MACD) has crossed the zero line, with the direction staying in the upward bias. CLICK HERE FOR THE CHART

Larsen & Toubro Infotech Limited (LTI)
Likely target:  Rs 8,000
Upside potential:  8%

The LTI shares have clocked a new all-time high yesterday and continue to dominate the bullish bias. This up move is well protected by the 50-day moving average (DMA) currently positioned at Rs 6,900 levels. The immediate support falls at Rs 7,200 and the upward bias is expected to rally in the direction of Rs 8,000 levels.  CLICK HERE FOR THE CHART