I.T Stocks Outlook for the week – 03 to 07.07.2017
I.T Stocks Outlook for the week – 03 to 07.07.2017
( www.rupeedesk.in )
Stocks of information technology companies are seen rising next week due to value buying. The
information technology stocks have remained subdued for last three to four weeks. The Nifty IT
index is seen in the range of 10045-10238 points next week. Though fundamental view on the
sector remains weak, stocks look attractive on technical charts. IT companies are staring at yet another tough year in 2017-18 (Apr-Mar) due to factors such as muted spending, slow pace of deal closures, and lack of uptick in financial services spending. The National Association of Software and Services Companies expects exports of IT services by Indian companies to grow 7-8% in 2017-18. In 2016-17, the IT industry grew at 8.6% in constant currency terms. Uncertainties around Brexit and changes in US tax and immigration norms have already been weighing on the sector. Additionally, several bills seeking stricter laws for employment on work visa have been introduced in the US Congress. Recently, the US Labor Secretary Alexander Acosta said the government needs to raise the minimum salary threshold for foreign workers using H1-B visas to "at least" $80,000 per year from $60,000 now to reduce violations of visa norms. These could also have an impact on the stock in coming days.
Source : Cogencis Information Services Ltd.
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I.T Stocks Outlook for the week – 03 to 07.07.2017
( www.rupeedesk.in )
Stocks of information technology companies are seen rising next week due to value buying. The
information technology stocks have remained subdued for last three to four weeks. The Nifty IT
index is seen in the range of 10045-10238 points next week. Though fundamental view on the
sector remains weak, stocks look attractive on technical charts. IT companies are staring at yet another tough year in 2017-18 (Apr-Mar) due to factors such as muted spending, slow pace of deal closures, and lack of uptick in financial services spending. The National Association of Software and Services Companies expects exports of IT services by Indian companies to grow 7-8% in 2017-18. In 2016-17, the IT industry grew at 8.6% in constant currency terms. Uncertainties around Brexit and changes in US tax and immigration norms have already been weighing on the sector. Additionally, several bills seeking stricter laws for employment on work visa have been introduced in the US Congress. Recently, the US Labor Secretary Alexander Acosta said the government needs to raise the minimum salary threshold for foreign workers using H1-B visas to "at least" $80,000 per year from $60,000 now to reduce violations of visa norms. These could also have an impact on the stock in coming days.
Source : Cogencis Information Services Ltd.
