Coforge, Mindtree: Tech charts show short-term rebound in mid-cap IT stocks

Select mid-cap IT stocks may surge up to 10 per cent on short-term rebound

Tech stocks globally have been roiled in the market meltdown since the start of 2022. The Nifty IT index, too, has lost 22 per cent so far in the current year on the National Stock Exchange (NSE), and is showing no signs of recovery. In May alone, the index has tumbled 13 per cent. 

However, technical charts show the continued sell-off may see a short-term bounce back, especially in the mid-cap IT stocks.

Here's how to trade related stocks: 

Tata Elxsi Ltd (TATAELXSI)

Likely target: Rs 8,000

Upside potential: 9%

Tata Elxsi has shed 20 per cent from its all-time high recorded in late