TCS, Wipro, Infosys, TechM, HCL Tech: Buy these stocks for up to 19% return

Infosys continues to defend the support from past four months; TCS shares have three supportive technical parameters that attract buying and accumulation.

NIFTY IT INDEX
Likely target: 37,500
Upside potential: 5%

The Nifty IT index violated the stiff sideways support of 33,900 levels lately, but did continue to dive lower as the follow-up selling pressure failed to build a negative sentiment. The current reversal with constant four green closes hints towards an accumulation and build-up of they underneath strength. The index is likely to travel in the direction of the 37,500 level, which is the next major obstacle. CLICK HERE FOR THE CHART
               

Infosys Ltd (INFY)
Likely target: Rs 1,950 and Rs 2,100
Upside potential: 10% to 19%

Over the past four months, the shares of Infosys have continued to see accumulation near the significant support of Rs 1,650 level. The recent weakness of over 10 per cent has seen buying momentum closer to the same mark. The current reversal shows efforts to cross Rs 1,800 level and on conquering this, the positive momentum could spark a rally towards Rs 1,950 and then further up to Rs 2,100 level. CLICK HERE FOR THE CHART

Tata Consultancy Services (TCS)
Likely target: Rs 4,300
Upside potential: 13%

Whenever a stock is given a hand by more than two parameters, the medium-term outlook is considered to be robust. And that’s the case with Tata Consultancy Services shares. The rising trendline, “double bottom” breakout, and the earlier level of support, all these are reflecting an opportunity to accumulate for higher gains. The recent closing basis support of Rs 3,600 followed by a breakout at Rs 3,500 and trendline support at 3,450 levels display a minimum downside. The positive bias may see higher levels of Rs 4,300 in the upcoming sessions, as per the weekly chart. CLICK HERE FOR THE CHART

Tech Mahindra Ltd (TECHM)
Likely target: Rs 1,700
Upside potential: 15%

Tech Mahindra shares have accumulation range of Rs 1,400 to Rs 1,300 levels, which was seen in early October 2021. This range continues to hold ground on lower dips, according to the daily chart. The current levels are almost near to the same range. One can expect a sharp recovery in the direction Rs 1,700 level, which was the breakpoint recently. The Relative Strength Index (RSI) has risen above the oversold territory, an indication of a positive strength. CLICK HERE FOR THE CHART
 
HCL Technologies Limited (HCLTECH)
Likely target: Rs 1,275

Upside potential: 9%

The stock showed a reversal around the 200-day moving average (DMA), presently set at Rs 1,103 levels. The RSI also managed to rebound from the oversold territory indicating an upward direction with robust momentum. The initial resistance comes at Rs 1,200 levels, which are close to 50-DMA and 100-DMA. Upon crossing these, the stock could head in the direction of Rs 1,275 levels, according to the daily chart. CLICK HERE FOR THE CHART