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The pandemic saw firms world over scrambling to digitise their businesses, a trend that made IT services companies hire people in droves to handle the demand. The pandemic’s gone now, but the hired people are still around, mostly
It is an uptrend signal if the RSI value has crossed above 50 from below.
Anand James advises on Nifty IT index oversold zone pull back due to seasonality. Stocks like TCS, Infosys, Wipro, Tech Mahindra, Mphasis may lead the rebound. Watch for dead cat bounce risk, short covering rallies, and potential breakout signals in PSU stocks. James says: "Should Nifty Bank manage to push above 49100, one could brace for short covering rallies with eyes on 49500 in initially."
Infosys, TCS and HCL Tech remain top picks of brokerage firm Kotak Institutional Equities followed by Cyient in the mid-tier segment amid an extended outlook for weak demand and macro uncertainty in the IT sector.
Padala Subbi Reddy, the outgoing chief executive of India's largest commodities derivatives exchange, recalls a rather turbulent phase for the bourse as it scrambled to transition its technology vendor amid the pandemic lockdowns