Nifty IT Zooms Over 2.5% – Swing Trading Stock to Watch in IT Sector

The NSE benchmark is inching closer to the 23,000 milestone, trading up by 161 points or 0.70% in early trade on Friday.

Nifty IT in Focus

All sectors were trading in the green on Friday, led by Nifty IT. The Nifty IT index jumped 3.19%, marking its best single-day performance in over five months. The IT index is trading above its 20-day moving average (DMA) and reached its highest level in over a month on Friday.

The Nifty IT index has gained about 8.5% on a week-to-date (WTD) basis. In 2024, the index is down by only 1%.

Spotlight on Oracle Financial Services Software (OFSS)- Swing Trading Stock 

Among the IT sector, Oracle Financial Services Software (OFSS) has been particularly noteworthy. The stock has given a bullish breakout of a double-bottom pattern, surpassing the 50% retracement level of its prior fall. It closed above all key moving averages, and the Bollinger bands began to expand, indicating increased volatility. The Elder impulse system formed a strong bullish bar, while the MACD provided a bullish signal. The RSI shifted into the strong bullish zone, and the Stochastic RSI is in a bullish setup. Furthermore, the KST gave a fresh bullish signal, and the stock closed above the Anchored VWAP resistance level. In summary, OFSS has registered a robust bullish breakout, indicating strong upward momentum.

In summary, OFSS stock has registered a robust bullish breakout, indicating strong upward momentum, making it an attractive option for swing trading.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.