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IT Stocks Outlook for the week – 05 to 09.12.2016

IT Stocks Outlook for the week – 05 to 09.12.2016


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IT Stocks Outlook for the week – 05 to 09.12.2016
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The information technology sector is not expected to see major buying next week due to the continued cautious view on the sector and weakness in the broader market. The domestic market is likely to be volatile next week after Sunday's constitutional referendum in Italy, with the Reserve Bank of India's monetary policy statement also due on Wednesday. As investors will once again retain their cautious view on the sector, the technology stocks are seen trading in a thin range and are not expected to witness any major gains or fall. The rupee recovered from its all-time low of 68.86 rupees to a dollar, which it had touched on Nov 24. The Indian currency, which ended at 68.19 yesterday, is seen stable next week. The negative impact from the rupee's recovery is seen being offset by lower valuations of IT stocks and weakening sentiment on other sectors after currency curbs. The government's move to withdraw and replace high-value currency notes from Nov 9 had dealt a heavy blow to consumption stocks such as those of automobile and fast moving consumer goods. The shares of Tata Consultancy Services are seen trading sideways and are likely to fall to 2,040 rupees in two weeks.