Top Section
Explore Business Standard
Don’t miss the latest developments in business and finance.
The Nifty IT Index is exhibiting a clear bearish trend in the near term, prompting traders to adopt a cautious stance
Stock Market Today: The Nifty IT Index today is exhibiting a bearish trend in the near-term with charts signaling further downside potential
The Nifty IT index outperformed the Nifty 50 and the broader index in the second-half of 2024 with a gain of nearly 20%. Key levels to track on IT shares ahead of Q3 results.
Stock Market Today: The Nifty IT index, eventually, settled 2.6 per cent lower on the National Stock Exchange (NSE) at 44,954 level. By comparison, the Nifty50 index ended 1.5 per cent down at 23,587
Stock Market Today: The Nifty IT Index is facing mixed sentiments post the recent Accenture earnings, which might uplift IT stocks temporarily. However, a closer look at the charts suggests caution
The rupee fell 2 paise to near all-time low of 84.85 against the US dollar in early trade on Thursday on the back of foreign fund outflows and rising crude oil prices
Stock Market Today: The best trading strategy at this juncture is to book profits on the rise in Nifty IT index and wait for the index to retrace towards its support levels
By 11:11 AM, the Nifty IT index had come off its peak but was still trading 0.82 per cent higher at 45,199.40. In comparison, the broader Nifty50 index was up a modest 0.11 per cent at 24,646.30
Nifty IT index remains range-bound, trading between 44,400 on the upper side and 42,800 on the lower side, while, Nifty Auto index is currently exhibiting a bearish trend in the near term
The Nifty IT index has recently witnessed a sharp rally, while Nifty Auto is currently in a consolidation phase following a sharp correction
The Nifty IT Index is exhibiting a bullish trend on the charts, while Nifty Auto is indicating that any decisive move above or below 24,250 and 23,250 levels could signal a new trend direction
The Nifty IT, Auto, and Pharma indices are all exhibiting short-term downtrends, and the technical indicators suggest limited upside potential
Accenture share price: While a strong recovery in discretionary demand may take a few quarters, it is unlikely to worsen further, analysts said after Q4 results
The surge in IT stocks was fuelled by the US Federal Reserve's decision to cut interest rates by 50 basis points, lowering the target range to 4.75 per cent to 5 per cent.
Traders should closely monitor this level, as any breach could lead to further downside, and the market might see a sell-off in auto stocks.
The IT sector is on the cusp of a mild but possibly sustained recovery in client spending, and the impending rate cut cycle should add to the sector tailwinds, according to MOFSL.
"Indian IT services growth would continue to outpace the global market and other key geographies materially," said Prabhudas Lilladher
In near term, the Nifty IT Index is expected to trade within a broader range of 42,800 to 41,600. A close above or below this range would likely trigger a decisive move in the respective direction.
LTIMindtree stock was buzzing in trade on the bourses. The stock rallied as much as 3.61 per cent to hit an intraday high of Rs 5,957 per share.
The rally in IT stocks came on the heels of a major drop in US jobless claims, which fell to 233,000 for the week ending August 3-the largest decline in nearly a year.