Chart check: Nifty IT index could double in one year. Stay put

The Nifty IT index has managed to conquer the resistance of 27,500 which suggests a further upside towards 28,200 and 28,500 levels

Despite an over 170 per cent rally since April last year, the gains in Information Technology (IT) stocks are showing no signs of abating. The Nifty IT index was ruling 0.5 per cent higher on the National Stock Exchange (NSE) in Wednesday's intra-day trade, having soared 14 per cent so far in calendar year 2021. 

According to analysts at Edelweiss Securities, the technology upcycle has just begun and sector players are set to reap benefits of digital boom and cloud adoption. "A distinct trait of this upcycle would be its margin-accretive nature... The biggest differentiator for this cycle is the acceleration