Shares of Mphasis and Wipro surged 4 per cent on Monday, respectively, while LTIMindtree gained 3 per cent. Barring L&T Technology Services and Tata Consultancy Services, all other IT stocks gained over 1 per cent each.
Here’s the technical outlook on IT stocks amid robust move in Nifty IT index:-
Nifty IT index has scaled over the 4-month peak, implying a robust underlying trend for coming sessions. This move has triggered a medium-term upside which is heading to hit a new 52-week high, as per the daily chart. The current 52-week high is at 31,587.
The overall trend is poised to reach 32,400, which is the neckline-breakdown of the previous greater downtrend, as per the weekly chart. Support for the current bias exist at 30,000-level, which needs to be adhere on the closing.
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The stock has managed to close over its 200-day moving average placed at Rs 1,423-level, suggesting that momentum to favor bullish bias. Sustainability over the same average shall spark fresh upside towards Rs 1,570 level.
Support for the upward bias is placed at Rs 1,300, which needs to be considered on a closing basis, as per the daily chart. While the Relative Strength Index (RSI) has closed in the overbought category, the trend remains highly optimistic.
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Shares of Co-forge have reached a new 52-week high, triggering a fresh up move over the hurdle of Rs 4,800. Until the support of 4,600-mark is not breached, the trend to eye higher levels in the upcoming sessions, as per the daily chart.
The stock is moving in the direction of Rs 5,450-mark. Despite possessing lower volume, the “Higher High, Higher Low” formation persists to support positive momentum. The broader trend remains in an upward direction, shows both daily and weekly charts.
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A breakout over the 200-DMA, with strong volumes indicates a positive rally in the following sessions. The momentum indicator, MACD, has crossed the zero line upward, suggesting that the trend to remain in bullish trajectory.
From here on, the 200-DMA set at Rs 1,935 acts as a support. The hurdle for the stock exists at Rs 2,250, which is the previous reversal- resistance.
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Tech Mahindra Ltd (TECHM)
Shares of Tech Mahindra not only have surpassed the 200-DMA, but succeeded to overcome the 100-weekly moving average (WMA) placed at Rs 1,196 post June 2022. The consolidation in the range of Rs 1,170 to Rs 1,000 has broken on the upside, prompting a rally towards Rs 1,500, its next hurdle mark, as per the weekly chart.
The supports are situated at Rs 1,180 and Rs 1,100 level. Also, the stock may see accumulation near Rs 1,130, which now has become a critical support, as per the daily chart.
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