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Here's why market experts are betting big on the IT sector

Updated : December 24, 2020 05:49:35 IST

It was a roller coaster week, which started with a 650 point fall on Monday and a sustained recovery thereafter. The Nifty ended the week just 40 points short of the previous all-time high.

Rajat Rajgarhia of Motilal Oswal Financial Services believes that the current rally in markets will get broad based and will continue for some more time.

Rajgarhia said, "IT stocks are at an all-time high but so are the profits and so are the dividends. So the IT sector would still remain at the top of the pack to bet for in 2021."

Rohit Srivastava, founder & strategist at Indiacharts.com expects the upward trend in markets to continue. He expects the Nifty to move to 14,200 or higher than that.

Speaking about the IT sector, Srivastava said, "IT stocks consolidated throughout the October-November period. When the Nifty was heading higher they were just consolidating in a trading range. So that has absorbed a lot of the short term selling and now they seem to be outperforming. So the tech rally is not over, it has probably got some more upside in the weeks ahead."

Watch video for more.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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