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Nifty IT Index gained as much as 3.9 per cent to a record high of 13,789.1. The index has broken above a resistance near 13,465, the 38.2 per cent Fibonacci projection level of the uptrend from the low of March 6, 2009 to the high of March 4, 2015.
IT stocks were upbeat on Friday, after Tata Consultancy Services Ltd, India's most valued listed company, reported its biggest-ever net profit of Rs 6,904 crore, beating analysts' average estimate.
The breakout suggests in the near term the IT index will move towards the next resistance at 14,753, the 50 per cent retracement level. Trend intensity (TI) indicator has gone up to 19, which confirms an uptrend in its early stage.
Nifty IT Index was up 13.8 per cent this year as of Thursday's close. It has outperformed broader NSE Index's 0.33 per cent gain in the same period.
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