With the equity market erasing losses over the course of the past
two months, IT majors Infosys, Wipro, and TCS have recovered up to 20% from
their 52-week lows.Wipro stock has increased 8.33 percent from its 52-week low,
while Infosys has recovered 20 percent.From their yearly low, TCS shares have
also increased by 15.58 percent. The US interest rate hike cycle has slowed,
which has contributed to the IT stock recovery. The three major information
technology companies serve customers all over the world, and a rally in IT
stocks was sparked by optimism regarding the US interest rate hike.On October
17, Wipro stock hit its 52-week low of Rs 372.40, while Infosys shares touched
their 52-week low of Rs 1,355.50 on September 26.In a similar vein, on
September 26, TCS shares fell to a 52-week low of Rs 2,926.Since the end of
September, other important indices have also recovered.Since September 26, the
Sensex has gained 5,556 points, or 9.72 percent.The BSE IT index also rose
3,158 points, or 11.62 percent, during that time.The three IT shares were
trading in a mixed manner today.Compared to its previous close of Rs 405.20,
Wipro stock fell 0.52 percent intraday to Rs 403.10.Shares of Wipro have fallen
by 36% in the past year and 43.6% this year.
Today, Infosys shares were also trading flat.On BSE, the IT stock lost 0.76
percent to Rs 1616.This year, Infosys stock has lost 14.43 percent and 5.68
percent in a single year.On other hand, portions of TCS acquired 0.14% to Rs
3,401 in late morning bargains today.The stock has lost 3.63 percent in the
past year and 8.92 percent this year.During the current session, the BSE IT
index fell 63 points to 30,376.
WIPRO- Wipro stock made a high of Rs 700 and presently is accessible at
close to half rate at about Rs 404.The stock may trade sideways for a while,
reaching a range of Rs 454, as the selling seems to have slowed down.An upmove
could be caused by any closing above this.With a long-term target of Rs 719,
which was the 52-week high, long-term investors can begin to accumulate because
of its strong fundamentals and order book pipeline. Wipro is one of the IT
industry's weakest large-cap stocks, as shown by the Nifty IT index after it reached
a new high.Although it may touch 455 in this bounce, we believe it to be a dead
cat bounce.
INFOSYS -In the long run, Infosys
shares might surpass Rs 1900.Infosys is right now seeing lower levels
purchasing and short covers following rupee shortcoming and recuperation in
benchmark records.The stock's technical structure and momentum oscillators
point to a significant uptrend.In the upcoming trading sessions, the momentum
may propel the Infosys stock to higher levels of Rs 1680.
TCS- Long-term, the
IT stock could reach Rs 4,000.TCS, India's leading provider of IT services,
continues to experience strong organic revenue growth and the industry's
highest margin.The company almost has no debt.The company also pays a dividend
of 56.35 percent and has a positive return on equity.Additionally, based on the
technical setup, the TCS share price may experience additional strength in the
near term, pushing the stock towards levels of Rs 3550.
Wednesday, November 30, 2022
IT STOCKS PREDICTION : WHAT SHOULD WE DO ?
Tuesday, November 29, 2022
NIFTY'S JOURNEY TOWARDS 19,000
This week bulls have the
momentum, but after a consistent run-up over the past few days, there may be
some periods of volatility. In the coming sessions, consolidation can be seen,
and the price will gradually move toward 18,700-19,000, with immediate support
at 18,500 and crucial support at 18,300-18,000 levels.
As long as the overall trend remains positive, we anticipate that the Nifty
will gradually move closer to the 19,000 mark. The market gains strength even
further when more people participate. The Nifty has outperformed by a
significant margin from point to point, demonstrating real resilience. Because
of this, there is now a greater chance that the index will reach the
extrapolated levels of 19,600, which are 2,800 points above the most recent low
of 16,800.Only below the 17,800 level would the view be negated.
Stocks that can help
the Nifty move closer to the 19,000 mark:-
PVR has seen a lot of buying interest and a rise in
volume to go along with the uptrend.PVR has found support at the 200 DEMA (days
exponential moving average) high-low band and pair of Doji candlestick
structures at the moment. As of late PVR has taken out its past swing high of
Rs 1,858 and has shut close to the Rs 1,867 imprint in its past exchanging meeting.
On the indicator front, the price ROC (rate of change) is well above the zero
line for 21 days, around 8 levels, and the daily MACD (moving average
convergence and divergence) crosses exactly above the zero line in a bullish
pattern, pointing to Rs 2,000 levels in a month.
RELIANCE INDUSTRIES has made a big break from a falling trend line, which was accompanied by
a big increase in volume.On the daily chart, the buy signal has been confirmed
by a positive crossover from the momentum indicator RSI.The stock experienced a
sharp rebound from its Rs 2,500 200-day moving average.
L&T is trading in a strong uptrend with higher top and higher bottom formations.
The stock's strength is confirmed by the fact that the momentum indicator RSI
has entered the 60-point range. The stock is trading well above its support,
the short-term moving average. The bulls will have some cushion in the lower
end support zone of Rs 1,980-1,950, and the visible upside targets are Rs
2,200-2,240.
SUNPHARMA has
been a consistent performer ever since the lows in March 2020, despite
belonging to the lagged pharmaceutical and healthcare sectors.The stock is
rising in a rational uptrend and is within striking distance of 2015's Rs 1,200
all-time high.We have seen strong out performance in
comparison to peers in the sector (Sun Pharma has moved up in contrast to the down move in the Nifty PHARMA Index). Immediate targets are set at Rs 1,200, and
the view would be negated below the level of Rs 925 (25-week DMA).
SBI has not only been
outperforming the sector (both private and public sector banks have achieved
all-time highs before the Nifty), but it has also been outperforming the sector
as a whole.The costs made new highs albeit the heavyweights inside the file
like HDFC Bank (private) or Bank of Baroda, or Canara Bank (PSU banks) are
still off the unequaled highs.Patterns' price projections will increase to around Rs 820 as a result of the out performance, but the view will be negated below Rs 540, which was the level
of earlier highs with multiple touch points.
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