I.T.Stocks having moved to life high in the second half of October last month, saw a correction of 10% to 25% across the board, seen in TCS, HCL Tech, Infosys, Tata Elxsi, Tech Mahindra, CoForge, Wipro & Mindtree, due to tactical selling seen by FPIs, after all these stocks largely went in an overbought zone, to force weak hands to cut their long positions.
Such tactical trades of buying and selling by FPIs are regularly seen in sectors and stocks, whenever mechanical calls of buying or selling are given by Business Channels and novice experts there, who just extrapolate the present trend. Difficult to say whether these channels and experts there, lack in picking profitable calls, or vested interest seen playing there, to cause losses to retail investors in F&O trading.
I.T. Stocks will be seen in forefront in this month, with huge buying to be seen by FPIs, which can also make Nifty to move to around 18,500 levels, with TCS , Infy and HCL Tech to be seen taking lead as well in this sector. Trailer of this was seen yesterday, with buying having resumed in frontline IT Stocks, in later part of the day.
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