Nifty IT in pullback mode: Infosys, HCL Tech, KPIT can rally up to 15%

The Nifty IT index has recovered smartly from its September lows, and if the current momentum sustains select IT stocks could witness a medium-term bullish trend.

The Nifty IT index, so far in 2022, has significantly underperformed the benchmark indices, which have scaled fresh life-time highs in recent trading sesisons, including today.

On a YTD (Year Till Date) basis, the technology index has shed as much as 21 per cent so far, and was the lead sectoral loser. Further, the index has ended with losses in each of the last three quarters.

However, things seem to be turning around for the IT index. It has displayed a smart recovery and rallied 16 per cent from its September low. This steep run-up hints towards more upside for