If the Nifty IT index manages to sustain above 27,200 levels, the upside bias may see a rally towards 27,800-mark in the upcoming sessions
An up move above 26,000 levels may trigger a rally towards 27,000-mark in the Nifty IT index
After the recent correction in Nifty IT, the index is gradually rising
Infosys, Wipro, MphasiS and HCL Technologies from the Nifty IT index were up between 2 per cent and 3 per cent
With the market-cap of Rs 1.02 trillion at 02:15 pm, Tech Mahindra became the fifth IT company to join the Rs 1-trillion market-cap club
In a departure from past trend, analysts believe that Indian IT companies may post a strong performance for the third quarter of FY21 (Q3FY21)
Biden has indicated raising corporate taxes and capital gains tax if voted to power.
Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised
The company expects the revenue and the operating margin for Q2FY21 to be meaningfully better than the top end of the guidance it had provided in July 2020
At the bourses, the Nifty IT index hit a record high of 20,748 in intra-day trade on Monday, up 2.8 per cent at 20,677. In comparison, the Nifty50 index gained 1.2 per cent on the NSE
Over the last 3 months, the Nifty IT index has gained a whopping 35 per cent, almost 6 times the rise in the Nifty50
On a year-to-date (YTD) basis, the Nifty IT index has outperformed the market by surging nearly 18 per cent (as of Tuesday's close) as compared to a 7 per cent fall in the benchmark Nifty50
Infosys was up 0.7 per cent and HCL Technologies was up 0.5 per cent.
The overall trend on the Nifty IT index looks optimistic as the 50-day moving average (DMA) formed a positive crossover with 200-DMA, resulting in the Golden Cross.
Markets started the first trading day of August 2020 lower, with the S&B BSE Sensex slipping over 400 points in intra-day deals
For Nifty IT, the immediate support comes in at 16,400 levels on a closing basis and the rally should move towards 17,500 and 17,700 levels.
In its result announcement on Tuesday, Wipro said some of its verticals have started witnessing green shoots.
On a weekly basis, Sensex gained 1.26 per cent while Nifty added 1.35 per cent
The Nifty IT index now needs to scale above its 200-DMA placed at 14,888 to embark on a new trend
Infosys was trading nearly 4 per cent lower at Rs 614.75 while Tech Mahindra was down over 3 per cent