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
The Nifty IT index hit an all time high on Tuesday, reaching 44,244.60 level, up 1.43 per cent intraday. Meanwhile in the last 30 days, the index has surged 5.24 per cent
Analysts believe that Indian export-oriented sectors such as pharma and IT may experience challenges under Donald Trump's rule. Here's how Nifty IT and Pharma indices are placed on charts.
The information technology (IT) stocks were in great demand on Wednesday, with Nifty IT index surging 3.56 per cent in intraday deals
Indian bourses retreated heavily on Thursday, a day ahead of Diwali Muhurat Trading on November 1, with the BSE Sensex dropping 655 points or 0.81 per cent at 79,287.93 level
Analysts anticipate growth momentum to return in FY25 for IT sector, aided by a lower base coupled with easing sectoral headwinds.
The Nifty IT Index has shown signs of weakness, recently experiencing a breakdown on the charts.
Financials, IT, Energy and Auto sectors account for over 52% weightage on the Nifty 50 index; here's how the Bank Nifty, IT, Energy and Auto indices are placed on the charts, and likely trend ahead.
The Nifty Auto Index appears overbought on the near-term charts, indicating a potential pullback in the coming sessions, likely after the monthly expiry.
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.
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.
The BSE Sensex, NSE Nifty can gain another 2% from present levels; while the Nifty IT index could see a sharp 6% rally; suggests technical charts.
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.
The Nifty IT Index is currently displaying signs of nearing a critical resistance level. The immediate resistance level to watch is 43,200
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.
On the bourses, Mphasis has rallied 26.7 per cent in the last three months, driven by expectations of interest rate cuts in the US and early signs of recovery in the US-BFS sector.
The anticipated downside targets or support levels for the Nifty Auto Index are 24,300, 23,900, and 23,500