Nifty IT charts show a strong reversal signal after a long stretch of underperformance. Rahul Ghose of Octanom Tech and Hedged said, "Would use dips to accumulate rather than chase strength in IT sector." He expects the rally to continue and picked two stocks with 20-25% upside potential for investors.
The Nifty IT charts suggest this is more than a relief rally. On the monthly timeframe, Nifty IT has formed back-to-back bullish engulfing candles. That is a strong reversal signal after a long stretch of underperformance, said Rahul Ghose of Octanom Tech and Hedged.
Rahul Ghose is the Founder and CEO of Octanom Tech and Hedged
Would use dips to accumulate rather than chase strength in IT sector
Short-term targets for Nifty 50 at 23,500–23,600, with 22,180 as the key support
Eternal has strong relative strength, higher-timeframe charts are bullish
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