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TCS, L&T Infotech: IT stocks are best bets amid current uncertainty

Stocks like TCS and LTTS may explore uncharted territories in current market volatility

Topics
Nifty IT stocks | Market volatility | defensive stocks

Avdhut Bagkar  |  Mumbai 

IT hardware, electronics
IT stocks

NIFTY IT INDEX
Likely target: 37,000
Upside potential: 4%

The Nifty IT index has been moving sideways in the broad range of 37,000 to 34,000 levels since September 2021, according to the daily chart. The recent weakness in the overall market may have dented the positive bias, nevertheless the downside support at 34,000 level, which is also the 100-day moving average (DMA) seem to be holding fort for now. Fresh buying momentum may trigger a sharp reversal back to the 37,000 levels with a build-up of a bullish sentiment. CLICK HERE FOR THE CHART

Tech Mahindra Ltd
Likely target: Rs 1,750
Upside potential: 10%

The shares of Tech Mahindra seem to holding the 50-DMA decisively, currently placed at Rs 1,378 levels. In addition, the support of Rs 1,500 levels, which was the breakout mark in the November 2021, has a strong significance in the bullish outlook. And as long as these supports are defended, the upward trend may see an uncharted territory of Rs 1,750. CLICK HERE FOR THE CHART

Tata Consultancy Services (TCS)
Likely target: Rs 3,800
Upside potential: 7.5%

The shares of IT major have been holding support of Rs 3,400 level, which was the breakout mark in August 2021. This rebound exhibits a rally that may likely see a long addition above Rs 3,600 levels. The overall trend is heading towards Rs 3,800, which is the next hurdle for the bullish sentiment, as per the daily chart. CLICK HERE FOR THE CHART

Larsen & Toubro Infotech Limited (LTI)
Outlook: Rally toward the gap-down range

The shares of Larsen & Toubro Infotech Limited experienced a sharp turnaround yesterday near the 50-DMA, placed at Rs 6,335 levels. Coincidentally, the same level drops close to Rs 6,350, which is the breakout mark for the upward rally that touched Rs 7,200 levels lately. The immediate resistance comes in the range of Rs 7,120 to Rs 7,100 levels, its the gap –down levels. CLICK HERE FOR THE CHART

L&T Technology Services Limited (LTTS)
Likely target: Rs 5,800
Upside potential: 9%

The rising channel pattern is quite intact for the L&T Technology Services Limited and continues to dominate the selling pressure. The lower rising trendline which comes to Rs 5,000 levels stays as an immediate support. One can expect a reversal towards the top ascending trendline, currently showing Rs 5,800 levels. CLICK HERE FOR THE CHART



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First Published: Tue, November 30 2021. 11:40 IST
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