I.T Sector Weekly Report – 13.11.2017 To 17.11.2017

I.T Sector Weekly Report – 13.11.2017 To 17.11.2017

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I.T Sector Weekly Report – 13.11.2017 To 17.11.2017

Stocks of information technology companies are seen continuing their positive trend next week. The IT index is expected to find resistance at 11600 points and support at 11400 points. This uptrend could be because of sector rotation, there are not many stocks available at such low prices. Also, stocks of Tata Consultancy Services Ltd and Tech Mahindra Ltd have made long term breakout and are likely to sustain it.

TCS' shares have risen 6.3% so far since it announced its results for Jul-Sep on Oct 12. The IT giant had reported an 8.4% onquarter rise in its consolidated net profit for Jul-Sep to 64.5 bln rupees, and its income from operations was 305.4 bln rupees, up 3.2% on quarter. Stocks of Tech Mahindra had hit a near eight-month high of 498 rupees on Nov 1, when the company had reported a 4.7% sequential rise in its net profit for Jul-Sep.

Source : Cogencis Information Services Ltd.
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