Infosys, TCS, HCL Tech: Trading Strategies for these buzzing blue-chip IT stocks
TCS is consolidating sideways on the hourly time frame, and is forming a potential Cup and Handle formation on the daily chart. A recent rebound from the 100 SMA level suggests a continued bullish momentum.
- Dec 6, 2023,
- Updated Dec 6, 2023 7:35 AM IST
Domestic stock indices made fresh highs no Tuesday, thanks to buying in banking & financials and metal stocks, The Adani Group stocks continued to hog limelight. The BSE Sensex advanced 431.02 points, or 0.63 per cent, to end at 69,296.14. The NSE Nifty added 168.30 points, or 0.81 per cent, to end the day at 20,855.10. Infosys has witnessed a breakout of double bottom formation on the daily chart. It is now consolidating in the Rs 1,440–1,480 zone. It also looks lucrative from a short-term basis. The pattern suggests an immediate target of Rs 1,500 and, above that, one can expect a big move till Rs 1,540 on the shorter time frame. On the downside, the Rs 1,420 level is the demand zone for any correction.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Domestic stock indices made fresh highs no Tuesday, thanks to buying in banking & financials and metal stocks, The Adani Group stocks continued to hog limelight. The BSE Sensex advanced 431.02 points, or 0.63 per cent, to end at 69,296.14. The NSE Nifty added 168.30 points, or 0.81 per cent, to end the day at 20,855.10. Infosys has witnessed a breakout of double bottom formation on the daily chart. It is now consolidating in the Rs 1,440–1,480 zone. It also looks lucrative from a short-term basis. The pattern suggests an immediate target of Rs 1,500 and, above that, one can expect a big move till Rs 1,540 on the shorter time frame. On the downside, the Rs 1,420 level is the demand zone for any correction.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.