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Last Updated : Aug 13, 2020 02:28 PM IST | Source: Moneycontrol.com

D-Street Buzz: IT stocks trade mixed after US makes exception to visa ban; HCL Tech gains, Infosys drags

H-1B and L-1 visa holders, who are returning to the same jobs they had prior to the proclamation of the visa ban, will be allowed to enter the US, said an advisory on August 12.

The Indian stock market continues trading in the red but is off the day's low with Sensex down 30.81 points or 0.08 percent at 38338.82, and the Nifty is trading flat at 11307.90.

The IT index is trading in the green, up half a percent led by gains from Mphasis which added over 2 percent followed by HCL Technologies, Mindtree, Tech Mahindra and Wipro.

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H-1B and L-1 visa holders, who are returning to the same jobs they had prior to the proclamation of the visa ban, will be allowed to enter the US, said an advisory on August 12.

The US Department of State advisory said dependents (spouses and children) will also be allowed to travel along with primary visa holders.

On June 22, US President Donald Trump had signed a proclamation that suspended non-immigrant visas such as H-1B till the end of the year in the aftermath of the COVID-19 pandemic.

S&P BSE IT was trading in the green led by eClerx Services which zoomed 20 percent followed by 3i Infotech, Cyient, Expleo Solution, Intellect Design, Majesco, Newgen Software, NIIT, Persistent Systems, Tanla Solutions and Sonata Software.

Ashish Chaturmohta Head of Technicals and Derivatives, Sanctum Wealth Management is of the view that HCL Tech has been in an uptrend forming a higher top and higher bottom on the daily chart since March low of Rs 375. In the process, it crossed its previous all-time of Rs 623 with momentum and high volumes.

The Relative Strength Index (RSI) has given a positive crossover with its average on the daily chart. On the upside, the stock can move towards Rs 780 and then possibly towards Rs 840 levels.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Aug 13, 2020 02:11 pm
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