I.T Stocks Outlook for the week – 22 to 26.05.2017

I.T Stocks Outlook for the week – 22 to 26.05.2017

Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040

I.T Stocks Outlook for the week – 22 to 26.05.2017 )

Stocks of information technology companies are seen trading sideways next week as market participants are expected to remain cautious with their investments. Additionally, trade in the broader market is likely to remain in a narrow range in the upcoming week. The Nifty IT index is seen in the range of 10000-10950 points in the near term. Tech Mahindra is scheduled to report its earnings for the March quarter on May 26. It is the last among the Nifty IT index constituents to post its earnings. Stocks in the IT sector had declined over the past few weeks due to rising protectionist views across the globe. While the stocks have bottomed out, large gains are not expected and movement is likely to be stock-specific the following week. Stocks of Infosys and Tata Consultancy Services are seen rising 1% during the week, that these stocks will remain preferred on low valuations. The Indian currency is seen rising next week which would weigh on sentiment in the sector. The sector comprises large software exporters to the US. The rupee, which had appreciated nearly 5% during Jan-Mar, has been volatile over the last few weeks.

Source : Cogencis Information Services Ltd.