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Consensus earnings estimate for large-cap IT companies have been cut by 3-8 percent for the current financial year and 2-7 percent for the next financial year following the June quarter earnings season
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SRF has breached the crucial support of its 200 days EMA and closed below that for two consecutive sessions. Stock price has broken below from Bearish Head and Shoulder pattern on the daily charts. The monthly relative strength index (RSI) has exited the overbought zone with negative divergence.
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Ruchit Jain of 5paisa.com expects some pullback move in the market in the near term and says IT stocks can see some up move over the next two-three weeks
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After consolidating for more than four months, Kotak Mahindra Bank has given a breakout of a triangle pattern on the daily chart.
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IT stocks had seen a sharp correction from highs before recent recovery. The Nifty IT index fell 18 odd percent during January 4-February 24 but has gained 10 percent since.
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On the benchmark index front, Nifty has immediate resistance at 16,959 and 17,027 levels. The downside support for the index is placed at 15,834, said Vidnyan Sawant of GEPL Capital
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Investors should focus on the domestic economy-facing sectors like capital goods, infrastructure, real estate and banking. In the near term, they are betting on metals, IT and pharma
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The primary trend of Infosys is positive, as it is trading above its 200-day EMA. The price has corrected nearly 15 percent from high, which is a buying opportunity
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The Nifty IT has fallen more than 11 percent in 2022, as investors turn pessimistic over the sustainability of the sector’s rich valuations amid the possibility of a sharp increase in interest rates at home and abroad
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The Nifty 50 extended its gains over the past four weeks to 7.5 percent, which indicates a positive momentum. If the uptrend persists, a record high can’t be ruled out in the coming days, experts said.
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Here's what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today.
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Sameet Chavan of Angel One reiterated on avoiding aggressive longs and even if one wants to follow stock-specific moves, needs to be very selective.
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Nifty on monthly timeframe has been forming a higher high, higher low pattern, indicating that the trend of the benchmark index from a long-term perspective remains strongly bullish, said Karan Pai of GEPL Capital
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We believe that the long-term bullish trend is intact but in the short to medium term, we might see some profit booking in the benchmark index, said Vidnyan Sawant of GEPL Capital
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At the current juncture, we can expect stock-specific action rather than any sharp upside in the index.
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The key support levels to watch out for in the short-term are 15,135 (previous swing high) and 14,884 (5-day low).
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The market has remained volatile as coronavirus cases continue to rise in the country. Experts say every decline is an opportunity to buy quality stocks, with a strong recovery expected once infections reach their peak.
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In these uncertain times, when markets are volatile as the country grapples with the frightening rise in COVID-19 infections, experts say investors should go for quality large-cap stocks and use any near-term correction to pick up such shares.
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After a bull run in FY21, the new fiscal year has begun with some uncertainty because of the second wave of COVID-19 and higher commodity prices but analysts remain optimistic about economic growth and corporate earnings, making several stocks very attractive.
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The technical setup suggests that the market may consolidate in the coming sessions with Nifty likely hovering within the broader range of 15,300-14,800.
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This is the time to hunt for favourite fundamental stocks which are missing in your long-term portfolio. Experts say this is the time to take advantage of the price corrections
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LIC Housing Finance is the fresh addition in its portfolio as it is a value play (1.0x PBV) supported by pick up in home loan demand, and builder NPL resolutions
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Nifty is possibly headed towards the strong support zone of 20-week EMA and 89-day EMA of 13,200 – 13,000.
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The numbers of these large-cap IT players came on the better side of expectations and the outlook for the sector looks positive.
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Goldman Sachs has a 'buy' on Infosys, Mindtree, TCS, Tech Mahindra & Mphasis. It has a 'sell' on Wipro and a 'neutral' on HCL Tech and L&T Infotech.
