Sector Spotlight: IT stocks in focus - 4 stocks that are likely to reward investors in near term
The 10-share Nifty IT index, all the stocks advanced with no loser around this time. The top gainers were Larsen & Toubro Infotech Limited, L&T Technology Services Limited (LTTS) and MPhasiS Limited. They were up 11.41 per cent, 5.89 per cent and 5.58 per cent respectively
In today’s edition of ‘Sector Spotlight’, Technical Analyst Nilesh Jain picks IT sector for top gains. Even as Nifty50 was trading with modest gains of almost 16 points or 0.09 per cent at 18,493, Nifty IT index was the top gainer among all the Nifty sectoral indices. It was up around 2 per cent or 750 points at 10:30 am on Tuesday and was trading at 37,056.45.
HCL Technologies Limited, Wipro Limited and Tech Mahindra Limited were among the top gainers on Nifty50.
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Meanwhile, on the 10-share Nifty IT index, all the stocks advanced with no loser around this time. The top gainers were Larsen & Toubro Infotech Limited, L&T Technology Services Limited (LTTS) and MPhasiS Limited. They were up 11.41 per cent, 5.89 per cent and 5.58 per cent respectively.
Index heavyweights Tata Consultancy Services Limited (TCS), Infosys Limited gained 0.42 and 0.87 per cent respectively.
Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking recommended three stocks to buy today.
Tech Mahindra – Jain recommended a buy on this stock for the price target of Rs 1560 and the stop loss of Rs 1450. Dip buying is advised in this stock as Tech Mahindra was trading at Rs 1498 and shares were up almost 1.55 per cent. The 52-week high is 1547.85.
Infosys – Buy Infosys shares for a target price of Rs 1850 and a stop loss of Rs 1700. The stock was trading at Rs 1814 on the NSE around this time. It was recommended with a short term view. It hit a 52-week high of Rs 1814.70 on Tuesday.
Wipro – Buy Wipro for the price target of Rs 760 with a support around Rs 690. The stock was trading at Rs 722.10 and was up 1.74 per cent from the last closing price on Monday.
LTTS – The AVP picked this stock for the target price of Rs 5500. Buy on decline is recommended, he added. The risk-to-reward ratio is favourable below RS 5000. The stop loss is Rs 4800. This stock was trading at Rs 5216.85 and was up 7.53 per cent or Rs 365 around this time.
Investors who have positions in TCS and HCL Tech shares must hold the stocks, he said. No fresh mov is advised in these stocks, the technical analyst said.
His views are based on the technical analysis of individual stocks and sectors and not based on the fundmentals of the stocks.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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