Infosys recently bottomed out near the Rs 1,360 level. This is the same level where the IT stock had made lows twice, before staging a decent recovery. 
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Infosys recently bottomed out near the Rs 1,360 level. This is the same level where the IT stock had made lows twice, before staging a decent recovery. Domestic stocks took their winning run to the straight sixth session on Monday, even as the bulls looked exhausted , with the BSE Sensex adding a mere 13.54 points, or 0.02 per cent, to settle at 59,846.51. NSE’s barometer Nifty advanced 24.90 points or 0.14 per cent to close at 17,624.05 for the day. All eyes are on IT stocks ahead of quarterly results. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:Wipro | Buy | Target: Rs 415-420 | Stop Loss: Rs 360 Wipro, after a decent slide, bottomed out near Rs 355 level . The recent pullback has improved the bias on the counter with the RSI also improving from the oversold zone, sending ‘Buy’ signals. The technical chart looks attractive and a further upside movement looks likely. A a decisive move past the 50-EMA level of Rs 382 shall improve the trend and one would then set eyes on the next target of Rs 415-420 levels. One can buy the stock with a stop loss of Rs 360 and expect a target of Rs 415 levels going ahead.
Tata Consultancy Services | Buy | Target: Rs 3,480-3,550 | Stop Loss: Rs 3,100 | TCS has seen a decent price erosion and bottoming out near the Rs 3,100 level. The stock is witnessing a decent pullback, as it hit 200-DMA level of Rs 3,260 recently. This has improved the bias and a further move should strengthen the overall trend. One can see the stock moving towards Rs 3,480 and 3,550 levels. The support is strong at Rs 3,100.Infosys | Buy | Target: Rs 1,500-1,620 | Stop Loss: Rs 1,360 Infosys has seen price erosion from Rs 1,620. It bottomed out near the Rs 1,360 level. This is where it made previous lows twice and had witnessed a decent upward journey thereafter. Currently, the stock is well placed, with the RSI indicating a trend reversal from the oversold zone. One can expect the stock to move till the initial target of Rs 1,500, which is where the 200-DMA lies; further strength lift the stock to Rs 1,600-1,630 levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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