Mindtree, Coforge: These IT stocks look good on charts despite correction

Despite the current corrective phase in IT sector, the overall positive bias seems to be intact for these IT stocks as they hold crucial support levels

IT shares have been under selling pressure since the start of the earnings season, largely driven by earnings disappointment by TCS. In the week gone by, the selling pressure accentuated and select stocks like Coforge and Mindtree witnessed a steep correction. While the former plunged nearly 20 per cent, the latter declined 14 per cent. The IT index itself corrected by over 6 per cent.

However, the negativity has not been able to dismantle the positive bias as these stocks are holding their crucial support levels. The IT index is trading up over 45 per cent on year to