HCLTech shares plunged over 6% in early trade, marking its biggest drop in 17 months. The drop comes days after the IT services company reported its Q4FY24 results.
The IT stock hit a 52-week high of Rs 1,311 on 18 September 2023, but failed to hold on to the momentum. It has been resilient and has fallen by nearly 4% since then. It bounced back after taking support above the 50-DMA last week. It took support above the 50-DMA on 12-13 October 2023
For the last three weeks, the stock market has witnessed correction in all segments of the market. Whether it is, large, mid or small cap market breadth in all segments remained weak in a number of trading sessions. In such times, if one is looking to buy stocks it would be better to look at stocks where some fundamentals developments have made analysts turn bullish on them. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame