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IT stocks are ‘buy on dips’. Here’s why

After an 11% upmove, profit booking was expected. Now 11,600 is the immediate support, holding above which expect 12,000 to be crossed and head towards 12,250 and then possibly to all-time high of 12,428.

Synopsis

The BSE IT index has gained 99.6% from its March low while the Sensex has gained over 55% from its March lows. Analysts feel the Nifty index is likely to find strong support at 11,400-11,600.

Traders took profits off the table in technology shares last week after a strong run over the last few months but the recent underperformance might be a blip. Technical analysts are advising clients to buy the top four technology stocks — TCS, Infosys, Wipro and HCL Tech — on dips. The BSE IT index has gained 99.6% from its March low while the Sensex has gained over 55% from its March lows. Analysts feel the Nifty index is likely to find strong

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Source: Economic Times| BBC News & Gossip

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