Infosys, Mphasis, TCS: IT stocks can minimize your losses in portfolio

Major IT stocks are either on verge of breakout or holding the positive bias, the positive sentiment may see up to 10% gains

NIFTY IT INDEX
Likely target: 38,000
Upside potential: 3%  

Following the firm support of the 100-day moving average (DMA) placed at 33,770 levels, the index is attempting to engulf the resistance range of 36,800 to 36,500 levels. Upon conquering this hurdle, the breakout could lead a rally towards new all-time high of 38,000, as per the daily chart. The Moving Average Convergence Divergence (MACD) has successfully crossed the zero line signalling a positive direction with an upward momentum. CLICK HERE FOR THE CHART

Infosys Ltd (INFY)
Likely target: Rs 2,050
Upside potential: 10%

The shares of Infosys Ltd have seen a sideways movement in the range of Rs 1,800 to Rs 1,650 levels since September 2021. This consolidation pattern is managing to breakout on the upside suggesting a positive rally ahead.  The continued gap up sessions triggers the bullish bias with volumes seeing increased interests. The immediate support comes at Rs 1,750 with the trend expected to rally towards Rs 2,050. CLICK HERE FOR THE CHART

 
Tata Consultancy Services (TCS)
Likely target: Rs 3.900
Upside potential:  8%

The “Double Bottom” breakout has seen the stock holding the positive bias in this uncertain volatility of the overall markets.  As long as the support Rs 3,500 level is protected, the bullish sentiment is expected to regain strength and head in the direction of Rs 3,900 levels, which is its next hurdle. The MACD has conquered the zero line indicating a positive momentum with the direction to stay upward. CLICK HERE FOR THE CHART
 
Mphasis Ltd (MPHASIS)
Likely target: Rs 3,500
Upside potential:  7.50%

Mphasis shares are attempting to topple the resistance of Rs 3,250 levels, which is its 50-DMA. When that happens, the positive breakout may see a rally in the direction of Rs 3,500, its next hurdle mark. The immediate support is positioned at Rs 3,100, as per the daily chart. The MACD formed a positive crossover under the zero line and if this succeeds rising above the same, the positive momentum may see aggravated sentiment.  CLICK HERE FOR THE CHART

 
HCL Technologies Limited (HCLTECH)
Likely target: Rs 1,330
Upside potential:  10%

The formation of the “Inverse Head and Shoulder” pattern has a breakout mark at Rs 1,200 levels. The current trend seems to be heading in the same direction and when the breakout emerges, the positive sentiment may see a sharp up progression towards Rs 1,330 levels. The support comes in the range of Rs 1,140 to Rs 1,120 levels. In addition, when the Relative Strength Index (RSI) crosses 60 value, the strength may see greater addition of longs with a bullish bias.   CLICK HERE FOR THE CHART