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Golden Decade of Defence
Potential 33x Opportunity by 2030
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- Nov 11, 2022 - Charts Suggest IT Index Has Bottomed Out. Here are Top IT Stocks to Track Now
Charts Suggest IT Index Has Bottomed Out. Here are Top IT Stocks to Track Now
In overnight trade, the Nasdaq Composite index (NDX) rallied over 7% on the back of the short-covering rally.
Tracking the trend, India's top IT stocks rose sharply with Infosys, Wipro, Tech Mahindra, TCS and HCL Tech gaining over 4% each.
When was the last time you saw the tech heavy Nasdaq rally over 7%?
It's a rare scenario where an index rallied a massive 7%. The question is are we repeating the V-shape reversal like we saw in 2020?
Post the pandemic fall, the V-shape reversal in global markets led to a 7+% rally in the index on 24 March 2020 and 6 April 2020.
If you remember, I did record a video indicating the Wyckoff bottoming formation in Nasdaq and the Last Point of Support (LPS) is in place for the index. You can watch it here.
The moves are exactly as the textbook pattern and if we go as per the pattern, the bottom is in place for the next few months.
Nasdaq and IT Index Technical Chart
Indian investors, it's time to focus on the underperforming index - the IT Index.
In the past couple of months, we have extensively written about why IT stocks are falling and what the future has in store.
We even covered editorials explaining reasons behind the sharp fall in bluechip IT stocks. You can check them out below:
- Why Infosys share price is falling.
- Why Wipro share price is falling.
- Why Tech Mahindra share price is falling.
It appears the bulls are ready with an open and low nearly same on IT index yesterday.You can't keep Infosys, TCS, Tech Mahindra & HCL Tech underperforming for a long time if you want Nifty 50 to rally higher.
Are you ready?If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setups, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.
To know more about how the Nifty and Nifty IT index are performing, please see the NSE Nifty Live Chart and Nifty IT index long term chart.
Also check out the smallcap IT stocks for long term.
Now Before You Go, This is Something You Need to Know...
Equitymaster’s co-head of research, Tanushree Banerjee, believes that one of the fastest growing sectors this decade will be defence.
In fact, within defence there are segments with 33x growth potential by 2030. Yes, it’s a massive opportunity.
Tanushree has already identified 3 next-generation defence stocks to ride this mega opportunity.
Now, these are not ordinary defence stocks.
Very few people know about the real potential of these companies.
Because these companies are working silently on developing next-generation warfare technologies.
Our research says that these 3 defence stocks could potentially provide you some of the biggest gains of your lifetime.
* 2 out of these 3 stocks have already run up. Act fast or you might completely miss out on this big opportunity.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...
Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.
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