Sectoral Analysis-Nifty IT
Updated
A sectoral analysis after quite long time.
I had previously covered Nifty Pharma & Nifty Energy which have outperformed Nifty.
However, Nifty IT has largely underperformed in the last 2 years as compared to broader indices mostly because of recession in western countries.
The sector is in consolidation since last 3 years and all the investors of large cap IT companies have been waiting for a breakout to happen.
If the chart of Nifty IT is analyzed, we can see a possible cup and handle formation.
Once Nifty IT index breaks 35500, handle breakout would be confirmed and we can expect 36800, 37450, 38700++ targets.
Midsmall cap IT sector stocks like Persistent, Birlasoft, LTTS and many more have similar charts as of Nifty IT. Do keep in watchlist as they can give good returns in upcoming months.
Please comment below if you want technofundamental analysis of any IT sector stock.
I had previously covered Nifty Pharma & Nifty Energy which have outperformed Nifty.
However, Nifty IT has largely underperformed in the last 2 years as compared to broader indices mostly because of recession in western countries.
The sector is in consolidation since last 3 years and all the investors of large cap IT companies have been waiting for a breakout to happen.
If the chart of Nifty IT is analyzed, we can see a possible cup and handle formation.
Once Nifty IT index breaks 35500, handle breakout would be confirmed and we can expect 36800, 37450, 38700++ targets.
Midsmall cap IT sector stocks like Persistent, Birlasoft, LTTS and many more have similar charts as of Nifty IT. Do keep in watchlist as they can give good returns in upcoming months.
Please comment below if you want technofundamental analysis of any IT sector stock.
Note
Looking strong nowNote
3.4% up today. Nifty IT is looking strong to complete cup and handle pattern.Note
T1 done. Cup and handle breakout completedNote
T2=37450 done as well. IT sector is running towards T3.Note
T3 done and new ATH done. Sector as crossed 40000 and is looking very strong!
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