TCS shows bullish engulfing pattern as IT stocks drive markets into green

TCS shares traded 1.28 percent higher around 2.30pm on February 22, making up for 50 percent of the BSE Sensex registered during the day.

A bullish engulfing pattern is seen in TCS shares. A bullish engulfing candlestick is a green candlestick that opens lower than the previous day’s close and ends higher than the previous day’s opening.

TCS Engulfing Pattern

HCL Tech is the top BSE Sensex gainer, followed by Tech Mahindra and Wipro. Nifty IT was the top performing index of the day with gains of over 1 percent.

On a year-to-date basis, Persistent Systems is the top Nifty IT gainer, up by more than 16 percent, followed by HCL Tech and Wipro which were up by more than 12 percent and 10 percent.  TCS shares traded 6 percent higher on a year-to-date basis.

Quick Heal Technologies remained the top BSE IT gainer up by more than 8 percent, followed by Nalco which is up by more than 6 percent and Nucleus Software that has gained 5 percent.

Nifty Metal outperformed the market with support from Hindustan Copper, Nalco and NMDC that traded with gains of up to 4 percent each.

Shares of Mishra Dhatu Nigar recorded price-volume breakout with price gains of 9.17 percent and spurt in volume of 15.20 times. Tata Investment, Graphite, ABB, NCC, Data Patterns, Hindustan Copper, HEG, Cummins India, India Hotels, Yes Bank and Birla Soft are some of the shares trading higher with rising volumes.

Nifty 50 was up by 25 points and BSE Sensex by 75 points covering from the losses in the first half of the trading session.

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