Top-performing IT stock: TCS enters breakout zone

Yogesh Supekar
/ Categories: Trending, DSIJ News
Top-performing IT stock: TCS enters breakout zone

Nifty IT has emerged to be one of the top-performing sectoral indices along with Nifty Metal and Nifty Pharma.

Nifty IT has emerged to be one of the top-performing sectoral indices along with Nifty Metal and Nifty Pharma. All the three sectoral indices are trading at their respective life highs with Nifty Metal being the top-performing sectoral index gaining more than 180 per cent in one year. Nifty IT index is up by nearly 95 per cent in a similar period.  

Going ahead, IT stocks are expected to outperform Nifty and TCS is one of the IT heavyweights, which has just entered the breakout zone, trading at Rs 3,279 per share. 

At the current price, the stock is up by nearly 12 per cent on a YTD basis while it is up by 61.54 per cent in one year alone. The stock is within 3 per cent of its all-time highs and has entered the breakout zone almost the third time this year. The stock attempted to settle above Rs 3,300 price level in the second week of April after it crossed Rs 3,300 price level for the first time in the third week of January this year. 

The stock is again entering the breakout zone with good volumes under the circumstances where the IT stocks are outperforming and making new highs for themselves. Tech Mahindra, Wipro, and Infosys put together are pushing Nifty IT index higher along with TCS. 

TCS has hired a huge number of employees in the last quarter, which indicates that the company expects the deal pipeline to remain strong in the near term. BFSI and CMT verticals have also witnessed growth on both QoQ basis as well as on YoY basis. The manufacturing vertical has shown an uptick in the recent quarter after witnessing a drop due to the pandemic. 

Meanwhile, TCS is up by 7.46 per cent in one-month performing in line with the frontline indices.  

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