This week the focus has been on IT stocks and the market sentiment remained mixed. Information Technology (IT) indices from being top gainers in the previous session traded as major draggers in Friday’s deals. Among individual stocks, Tata Consultancy Services (TCS), HCL Tech and Wipro were the top gainers.
“Market sentiment towards IT stocks is mixed, with both bullish and bearish views, and I believe those with a less pessimistic outlook expect a faster revival in the sector. If the economic outlook remains uncertain or worsens, it is likely that the growth of Indian IT companies will slow down. However, we expect a gradual and mid to high single digit growth revival for the top five Indian IT companies in FY24,” said Rohan Mehta, CEO & Portfolio Manager, Turtle Wealth.
US retail sales were bullish for print this week IT sector But according to experts, the slowdown in factory activity still persists.
,Market The markets are reacting to selective economic data and the fact that most interest rate hikes have been priced in. Basically, major players continue to close major deals, build their pipeline and the attrition rate is trending downward. Challenges such as growth slowdown in their core markets are now visible and the management is pointing in the same direction. Even though we do not expect a major performance in the IT sector by the end of this year, most of the reforms have happened,” said Sriram Ramdas – Vice President, Green Portfolio.
key levels to watch
“The it stock US markets are taking cues from improving and strong third quarter financial performance. Even on technical setup, take em, TCS And Infosys Daily and Weekly charts are showing strength on the pattern. Momentum indicators like MA, RSI and MACD are in the buy zone, indicating a strong upward move. In the near term, Tech M may touch 1350 levels, TCS may touch 3600 levels and Infosys may touch 1800 levels,” said Ravi Singh, vice-president and head of research at Share India.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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