Technical charts suggest that heavyweights TCS and Infosys seem to be favourably placed, while Wipro could face some downward pressure. Check key levels here.
Stocks to watch today: With Accenture raising its revenue guidance for FY25 to 3-6 per cent, exceeding its previous guidance, IT stocks in India would be in focus today.
A combined 2.42 million equity shares, representing 1.73 per cent of the total equity of the company, had changed hands on the NSE and BSE till 11:21 AM.
The Nifty IT index had shed 3% on Wednesday ahead of the US Fed policy decision. Here are the key pivot points to track on top IT stocks with potential upside and downside targets as per charts.
IT stocks outlook: TCS can potentially rally another 6 per cent from present levels; while Infosys, Wipro and LTIMindtree can rally up to 15%, suggest charts.
Technical charts suggest that Infosys can potentially rally up to 10% from present levels; while TCS and HCL Technologies still look weak.
Oscillators like RSI and MFI are in rising mode and placed above 60 on the daily chart, Indicating strength in the stock, as per Nandish Shah
While index requires to scale major hurdles, the aggressive rally towards those has triggered positive upside in IT stocks.
Stellar long-term track record, growing digitalisation augur well for IT sector funds
There is an "Inverse Head and Shoulder" pattern getting established on the daily chart. Technically, this pattern breakout over Rs 3,150 levels would add aggressive bets on the stock.
According to the technical analyst from Anand Rathi, TCS can target Rs 3,200 on the upside, while L&T Technology Services can rally to Rs 3,450.
Wipro and MindTree logged new life-time highs in trade on Thursday and can see further upside of up to 11 per cent
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.
Stock ideas from Anand Rathi Research