Nifty IT index reclaims 200-DMA; what does this mean for IT stocks?

So far this year, Persistent Systems is the top contender surging close to 30 per cent, while Infosys remains as the top loser, plunging 14 per cent.

Avdhut Bagkar Mumbai
Artificial intelligence, digital technology, AI, machine learning
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IT index surpassed the 200-DMA

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Nifty IT index surpassed the 200-day moving average (DMA) for the third time this year, fuelling positive rally in IT stocks. Especially in Wipro and LTIMindtree, where the former crossed the 200-DMA first time, post January 2022 and the latter set a new current year high. 
On Tuesday, Barring Coforge and Persistent Systems, all other IT stocks were seen trading in green, maintaining their upward course. 
While the IT index had a tough phase last year, where it tumbled 26 per cent, continued efforts to cross the 200-DMA could provide some respite in the current drawdown. 

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First Published: May 23 2023 | 11:28 AM IST

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