Shares of information technology (IT) companies are in demand after Cognizant raises full year profit and revenue forecast.
Tata Consultancy Services (TCS), Wipro, Tech Mahindra, Infosys and HCL Technologies are trading higher in the range of 1-3% on the Bombay Stock Exchange (BSE).
The BSE IT index, the largest gainer among sectoral indices, was up 1.27% as compared to 0.17% rise in benchmark S&P BSE Sensex at 1115 hours.
Speaking to Manu Kaushik, Mudit Goyal, Technical Analyst at SMC Global said charts indicate bullish trend in markets going ahead. He also picked what IT stocks that will give good returns in short-term.
SmartInvestor : Mudit, market snapped a 5-day rally yesterday and today its more or less flat. Is another weak close in the on the charts today. What are the key levels to watch out?
Mudit Goyal : Technically, Nifty is trading in higher highs and higher lows on daily chart which is bullish in nature. As of now, it is still moving above the breakout levels of Inverted Head and Shoulder pattern by strong buying interest so we anticipate that buying momentum can continue for coming days and it may register a new high in coming trades. Key support is seen around 6120-6080 and on the upper side; Nifty can find resistance around 6320-6350 levels.
SmartInvestor : After witnessing profit booking yesterday, IT space is leading today. What are your top picks from there?
Tata Consultancy Services (TCS), Wipro, Tech Mahindra, Infosys and HCL Technologies are trading higher in the range of 1-3% on the Bombay Stock Exchange (BSE).
The BSE IT index, the largest gainer among sectoral indices, was up 1.27% as compared to 0.17% rise in benchmark S&P BSE Sensex at 1115 hours.
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The New Jersey-based leading IT services firm Cognizant Technology Solutions Corp on Tuesday, 5 November 2013, raised its full-year forecast for both profit and revenue at the time of announcing its Q3 result September 2013 results.
Speaking to Manu Kaushik, Mudit Goyal, Technical Analyst at SMC Global said charts indicate bullish trend in markets going ahead. He also picked what IT stocks that will give good returns in short-term.
SmartInvestor : Mudit, market snapped a 5-day rally yesterday and today its more or less flat. Is another weak close in the on the charts today. What are the key levels to watch out?
Mudit Goyal : Technically, Nifty is trading in higher highs and higher lows on daily chart which is bullish in nature. As of now, it is still moving above the breakout levels of Inverted Head and Shoulder pattern by strong buying interest so we anticipate that buying momentum can continue for coming days and it may register a new high in coming trades. Key support is seen around 6120-6080 and on the upper side; Nifty can find resistance around 6320-6350 levels.
SmartInvestor : After witnessing profit booking yesterday, IT space is leading today. What are your top picks from there?