Today’s stock market: Even if the mid-cap and small-cap indices have been under pressure, large-cap IT companies have been on the rise recently. Today’s TCS share price opened in the green, and the IT stock continued to rise, reaching a new 52-week high of 3,597.70 on the NSE. Similar to how Wipro’s share price opened positively today, it later reached a new 52-week high of $443.25 per share on the NSE.
Today’s stock market: The majority of the indexes, as well as the equities that make small-cap and mid-cap stocks, are at record highs, according to specialists in the stock market. Since IT stocks, particularly large-cap IT stocks, are currently selling for a discount, both FIIs and DIIs (including mutual funds and retail investors) are investing in these large-cap IT stocks. Despite this, there is still a chance that large-cap stocks will continue to rise upward because they did not join the recent stock market surge like small- and mid-cap companies did. Large-cap IT stocks like Infosys, Tata Consultancy Services (TCS), Tech Mahindra, HCL Tech, and Wipro, they claimed, have been on the rise because of their alluring prices and potential for significant long-term growth. They did, however, urge positional investors to purchase Wipro stock given the current market conditions.
Why are IT stocks reaching new highs?
“After pressure in small-cap and mid-cap stocks, FIIs and DIIs are looking towards large-cap stocks,” said Sandeep Pandey, Director at Basav Capital, on the causes that are fueling IT stocks in current markets. Due to the fact that IT equities have not participated in the recent stock market surge, mutual fund managers, retail investors, and FIIs are significantly investing in these large-cap IT firms. Because large-cap stocks have yet to completely participate in the stock market’s rise, the opportunity for significant upside in IT stocks remains.”
Stocks to purchase right now
According to Sandeep Pandey of Basav Capital, “Wipro share price is still available at attractive valuations.” This IT stock can be purchased at current levels and accumulated on every dip until it reaches 400 per share.”
When asked about key levels for Wipro shares, Sumeet Bagadia, Executive Director at Choice Broking, stated, “Wipro share price today has support placed at 430 apiece levels, while it may go up to 450 to 460 apiece levels in the short term.” Sumeet Bagadia believes that the Indian IT major would become extremely bullish once it clears its current barrier and maintains a close above it.
