These IT stocks hit 52-week high despite market turmoil

The IT sector stocks today proved how contrarian they can be. Despite a huge turmoil in the benchmark indices, majorly led by the NBFCs which also dragged the Nifty IT index 1.4 per cent, the giants TCS and Wipro maintained upsurge and hit record high levels. Both the stocks closed in the green with 1.6 per cent and 1.1 per cent gains, respectively, though after intra-day volatility. 
 
The stock of TCS has been taking supports at its 21-day EMA levels. After breaching July 24  high of  Rs 2015 on August 14, the stock kept on rising high taking baby steps. The stock hit a high of Rs 2107 on September 5 and consolidated for nine consecutive sessions. On September 21, the stock has given a consolidation breakout, hitting a record high at Rs 2121 level. The rising volumes and 14-period RSI quoting at 66 suggest some more momentum going forward. 

The stock of Wipro is rising consistently after its multiple point downward sloping trendline breakout at Rs 287 level on August 21. The stock breached its 52-week high on September 17 at Rs 336 level after January 16, 2018, and formed a rounding base, but it could not sustain on a closing basis. It consolidated for two sessions and breached it yet again at Rs 337.90. The stock is heading its all-time high at Rs 338.80. However, oscillators in the overbought zone may drag down the stock for some profit-booking.