In the last trading session, the Indian equity market traded 1 percent down amid growing global inflation. Furthermore, a hike in inflation with weak GDP data fuels the fears of rising interest rates by the central bank in the upcoming meet. Nifty It stocks are entering into the bullish zone soon.
However, a good monsoon season, reduced selling in numbers by FII, and a decline in crude oil prices are providing support to the equity market.
If we look into last week’s trading session, then the BSE Sensex lost 1.32 percent and settled around 53760.78. On the contrary, Nifty50 dampened down by 1.05 percent and concluded at 16049.20. Therefore, in the month of July, the benchmark indices gained over 1% each till now.
After an exceptionally volatile week, recovery occurred on Friday due to some short covering. Furthermore, some improvements were witnessed due to an upsurge in the dollar prices and a decrease in the prices of commodities.
Here in this blog, I am going to provide you with a detailed analysis of Nifty IT stocks.
Nifty IT
From 4th January 2022 to 15th July 2022, we witnessed a continuous fall. Furthermore, the market crashed by nearly around 50 percent.
Now, we are expecting a good upside rally in the days ahead. During the Covid-19 times, Nifty It stocks proved great, but from January, IT stocks entered a bearish zone.
The IT sector is a booming sector and an increase in consumer confidence reflects a good bounce back in the prices of the IT sector.
Traders or investors may buy Nifty IT stocks between 27200—24700 thereby maintaining a stop loss below 20500 on a closing basis.
We may witness targets of around 44000 in the days ahead which is a 0.618% retracement extension.
Be cautious: Do not sell IT stocks in the current scenario.
Top Pick:
Wipro: Traders or investors may buy around 400 thereby maintaining a stop loss below 300. We may see upside targets of 750 in the coming days.
Furthermore, we advise traders to keep their eyes on Tech Mahindra, Infosys, and TCS.
For more updates, stay tuned with us!