Infosys, TCS, Wipro: Do IT stocks have more steam left? What charts say

Unlike the benchmark Nifty 50, the Nifty IT index is still over 9 per cent shy from its summit. Among the frontline stocks, Infosys, TCS and Wipro look fairly placed on the charts.

The Nifty IT index zoomed over 8 per cent in the previous two trading sessions after the US Congressional Budget Office projected that the US economy was on track to avoid a recession next year, as inflation returns to normal. Further, the US Federal Reserve signalled three rates cuts next year, thus aiding the up move.

While, the IT index was the major contributor for the market rally last week, unlike the benchmark or broader indices, it is still quite far (more than 9 per cent) from its all-time summit.

Will the current momentum, help the Nifty IT index scale