Infosys, Wipro, TCS: Charts suggest more upside potential for IT stocks

For Nifty IT, the immediate support comes in at 16,400 levels on a closing basis and the rally should move towards 17,500 and 17,700 levels.

Shares of IT companies jumped up to 12.5 per cent on Thursday after sector majors Infosys and Wipro reported better-than-expected results for the quarter ended June 2020 (Q1FY21). The Nifty IT index advanced over 5.5 per cent to 17,373 levels with 9 out of 10 constituents trading in the green. 

Here's a look at what technical indicators suggest for IT stocks and how you should trade them -

NIFTY IT: On Wednesday, the index climbed a high of 16,624 levels, approximately 260 points away from a lifetime high. Now, with an opening above 16,884 at a new all-time high today,