Indian benchmark indices settled slightly lower on Tuesday on the back of mixed global cues. Expectations of muted economic growth and geopolitical concerns are weighing on the sentiments. BSE Sensex fell 152.93 points or 0.19 per cent, to end the session at 81,820.12. NSE's Nifty50 declined 70.60 points, or 0.28 per cent, to close at 25,057.35 for the day.
Some buzzing IT stocks including LTIMindTree Ltd (LTIM), Infosys Ltd and Wipro Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
LTIMindTree | Resistance: Rs 6,550-7,000 | Support: Rs 6,320
LTIMindTree is exhibiting a promising cup & handle formation on the daily timeframe, with a breakout anticipated above the Rs 6,550 level. As one of the strongest performers among mid-cap IT stocks, this chart suggests that a closing above Rs 6,550 could pave the way toward the Rs 7,000 mark in the short term. On the downside, the key support level is around the 20-day moving average, currently near Rs 6,320.
Infosys | Resistance: Rs 2,222-2,500 | Support: Rs 1,920-1,888
Infosys has been trading near its all-time high, forming a channel pattern on the daily timeframe. A multi-month breakout is anticipated above the important hurdle and psychological mark of Rs 2,000. A breakout above this level could trigger a substantial rally, driving the price toward the Rs 2,222 and Rs 2,500 levels. On the downside, the first support lies at Rs 1,920, where the 20 SMA is positioned, while a major support level is at Rs 1,888, aligned with the 50 DMA.
Wipro | Resistance: Rs 550-600 | Support: Rs 520-510
Wipro has been trading in a range-bound zone, with Rs 550 acting as a supply zone. Within the IT pack, Wipro has been underperforming for quite some time, and any further movement is expected only above or below the Rs 550 and Rs 520 levels. If the counter crosses Rs 550, a swing toward the Rs 600 level can be anticipated. On the downside, the first support is at Rs 520, where the 50-day DMA is positioned, and below that, a major support level is at Rs 510, aligned with the 100-day EMA.