Infosys and TCS: Two IT stocks that you can buy today

NIFTY OUTLOOK- Nifty seems to have completed a five waves rising structure from the lows of 9951.90 to 10929.20 and a retracement of the same is expected.

STOCKS TO BUY TODAY

TCS

TCS has provided a breakout from an ascending triangular pattern, which is a bullish continuation pattern. The momentum indicator MACD is well in buy mode on the hourly charts. The eekly and monthly patterns also indicate bullish momentum since the last couple of weeks. A fresh breakout with a buy confirmation from the momentum increases the probability of an upside. The short term target is Rs 3670. Maintain stop loss at Rs 3468.

Infosys

Infosys, too, has formed a nice symmetrical triangular pattern that is also a continuation pattern. The stock had an uptrend prior to this consolidation, hence a breakout on the upside can’t be ruled out. The minimum target on the upside is Rs 1,275. Maintain a stop loss at Rs 1,140. The momentum indicator is also well into buy mode, which is a bullish sign going forward.