TCS, Persistent: Breakout in IT index may trigger up to 9% rally in stocks

Information technology (IT) shares are witnessing a robust rally, especially post the Budget 2023, with trading momentum experiencing a follow-up buying sentiment. Shares of Tata Consultancy Services, Infosys, HCL Technologies, Coforge and Persistent Systems are indicating chart structures that reflect resumption of their short-to-medium term upmove. 

The Ministry of Electronics and Information Technology has been allocated 16,549 crore in the Budget 2023, enriching technology-led growth. 

Meanwhile Wipro, Tech Mahindra and few others in IT pack are yet to give positive confirmations; nevertheless the Nifty IT index is poised for a next breakout.

The IT major has been trading sideways in a broad range