TCS, Infosys, Wipro gain momentum; here's what experts recommend

Tata Consultancy Services (TCS), Infosys, Wipro and HCL Tech led gains among IT stocks on Thursday, gaining momentum amid sustained weakness in the rupee against the US dollar. Many experts are positive on the IT sector amid optimism about earnings growth and favourable currency rates, even as the sector continues to struggle against elevated employee costs eating into their margins.

TCS, Wipro, Infosys and HCL Tech finished the day around 1-2 per cent higher. 

Barring Tech Mahindra, which declined 0.7 per cent, all of the Nifty IT's constituents ended in the green on Thursday, with LTIMindtree being the top gainer with a rise of 4.6 per cent. 

Persistent Systems and Coforge climbed up 2.6 per cent and 2.1 per cent respectively.

In an interaction with Zee Business Managing Editor Anil Singhvi, market expert Gurmeet Chadha said that IT companies have performed well despite fears of a recession.

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What experts say on IT stocks

Vikas Sethi of Sethi Finmart told Zee Business there is good momentum in IT stocks. He has a 'buy' call on TCS for a target price of Rs 3,460 with a stop loss at Rs 3,375. He also suggests going long on Infosys for a target of Rs 1,580 with a stop loss at Rs 1,535.

Market expert Siddharth Sedani suggests buying Coforge shares for a short-term target of Rs 4,620 and a long-term target of Rs 5,000 apiece, citing the IT company's strong constant revenue guidance and record order book.

Market expert Sandeep Wagle also recommends buying Coforge shares for a medium-term target of Rs 5,000/5,200 with a stop loss at Rs 4,200.

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