Wipro, TCS: These IT stocks can soar 15% despite being in 'overbought' zone

While Wipro does show some weakness, the overall trend, so far, has not been dented by the selling pressure

The Nifty IT index was ruling nearly a per cent higher on Monday, bucking the overall weak trend in the markets. At 12:14 PM, the index was at 35,032 levels, up 0.6 per cent, as against a 0.23 per cent dip in the benchmark Nifty50 index. Individually, shares of Mindtree were up 3 per cent while Mphasis, Coforge, Wipro, and TCS (Tata Consultancy Services) gained between 0.7 per cent and 2.2 per cent.

According to analysts at Phillip Capital, the sector will continue to see re-rating in the near to medium term. "We believe current valuations will sustain driven by liquidity