stock market today Nifty IT index continues to retrace for the second consecutive session. However, stock analysts are still bullish on IT stocks as they see this fall in IT stocks as a way for investors to book profits. He added that the current fall in IT stocks may go further down, but this fall in IT stocks should be seen as a buying opportunity and investors should look at quality and innovative solutions such as Infosys, HCL Tech, Firstsource Solutions or FSL, Birlasoft and Allsec. Recommended to buy IT stocks of Yuga. technologies.
Nifty IT index expected to decline further; Ruchit Jain, Lead Research at 5paisa.com said, “After a long period, IT index witnessed some profit-booking. On the daily chart, Nifty IT index had formed a ‘hanging man’ candlestick pattern and broke its short term support.” Given on Tuesday. So in the near future, we expect some profit-booking to continue in this segment as well.”
Recommending buy on dips strategy to positional investors; Sumeet Bagadiya, Executive Director, Choice Broking said, “Nifty IT index was trading at record highs and there were strong profit booking expectations in the space. Must be seen as a purchase. Opportunity.”
Sumeet Bagadiya of Choice Broking listed these 5 IT stocks to buy on the downside:
1]Infosys: Infosys shares can be bought around from 1750 for the immediate short term target of 1800 since 1950 maintain stop loss in 2000 1700 levels.
2]HCL Tech: IT major looks promising on chart pattern and one can buy this stock from 1250 For the short term target of 1270 1370 and Keeping stop loss at 1450 1200 levels.
3]Firstsource Solutions or FSL: Anyone can buy and hold the stock for 200 more Keeping the 225 target stop loss in the short term 160 levels.
4]Birlasoft: Sumeet Bagadiya of Choice Broking says one can start buying momentum in the IT counter for short term targets 580 more Maintaining a strict stop loss at 600 520.
5]Allsec Technologies: One can buy the stock on CMP and counter hold for the short term target of 750 more maintain stop loss at 800 630 levels.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,