Spotlight on the sector: focus on IT stocks – 4 stocks likely to reward short-term investors

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In today’s edition of “Sector Spotlight,” technical analyst Nilesh Jain chooses the IT sector for the biggest gains. Even though Nifty50 was trading with modest gains of almost 16 points or 0.09% at 18,493, the Nifty IT Index was the best winner among all of the Nifty sector indices. It was up about 2% or 750 points as of 10:30 am Tuesday and was trading at 37,056.45.

HCL Technologies Limited, Wipro Limited and Tech Mahindra Limited were among the top winners on Nifty50.

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Meanwhile, on the Nifty IT 10-stock index, all stocks rose without a loser at this time. The main winners were Larsen & Toubro Infotech Limited, L&T Technology Services Limited (LTTS) and MPhasiS Limited. They increased by 11.41 percent, 5.89 percent and 5.58 percent respectively.

The heavyweights of the index Tata Consultancy Services Limited (TCS), Infosys Limited gained 0.42 and 0.87% respectively.

Jain, who is assistant vice president (AVP), technical and derivative equity research at Centrum Broking recommended three stocks to buy today.

Tech Mahindra – Jain recommended a buy on this stock for the price target of Rs 1560 and the stop loss of Rs 1450. The low buy of this stock is advised as Tech Mahindra was trading at Rs 1498 and the stocks were going up by nearly 1.55%. The 52 week high is 1547.85.

Infosys – Buy Infosys shares for a target price of Rs 1850 and a stop loss of Rs 1700. The share was trading at Rs 1814 on the NSE at this time. It was recommended with a short-term view. It hit a 52-week high on Tuesday at Rs 1,814.70.

Wipro – Buy Wipro for the price target of Rs 760 with support around Rs 690. The stock was trading at Rs 722.10 and was up 1.74% from the last closing price on Monday.

LTTS – The AVP chose this action for the target price of Rs 5,500. The downward purchase is recommended, he added. The risk-reward ratio is favorable below RS 5000. The stop loss is Rs 4800. This stock was trading at Rs 5216.85 and was up 7.53 percent or Rs 365 at that time.

Investors who have positions in TCS and HCL Tech stocks must own the stocks, he said. No new moves are advised on these stocks, the technical analyst said.

His opinions are based on technical analysis of individual stocks and sectors and not on stock fundamentals.

(Disclaimer: The opinions / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)


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