Infy, TechM: Nifty IT index scales 4-month high, sets eye on 52-week peak

Selective IT stocks may rise up to 22% in the upcoming sessions, as per their technical charts

The Nifty IT index sets eye to hit a new 52-week peak on Monday, following a bullish advance that surpassed the 4-month high in the recent sessions. Majority of the stocks in IT index have soared close to 10 per cent in the current momentum. 

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

Likely target: 32,400

Upside potential: 4%

Nifty IT