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Business & Stocks Economic Times Markets • Nov 01, 2026

Nifty IT's 18% Rally Signals Durable Leadership Cycle With 35,000 Target: LKP's Vatsal Bhuva

💡 Key Takeaways

•Nifty IT registered an 18% rally in October, signaling a durable shift in market leadership.
•Analyst Vatsal Bhuva from LKP Securities targets 35,000 for the Nifty IT index.
•Stock picks include buying Persistent Systems and Eternal, while maintaining caution on Swiggy.

NEW DELHI [NCRBuzz Wire] — **MUMBAI [NCRBuzz Wire] — Nifty IT's robust 18% October rally marks a potential structural shift in domestic market leadership, backed by strengthening technical indicators and shifting institutional capital flows.** Market analysts attribute this momentum to a confluence of bullish Relative Strength Index (RSI) crossovers and capital rotation moving away from overvalued global artificial intelligence equities toward Indian technology providers.

### Fiscal Metrics and Market Projections

**Vatsal Bhuva, a quantitative technical analyst at LKP Securities, projects the Nifty IT index to scale the 35,000 threshold in the medium term.** The ongoing fiscal expansion is underpinned by sustained deal wins, margin stabilization across Tier-1 IT exporters, and favorable macroeconomic adjustments by global central banks.

|---|---|---|---|

### Sectoral Divergence and Stock Recommendations

**While the broader technology basket exhibits strong accumulation patterns, equity strategists maintain a polarized view on emerging listings and specialty chemical plays.** Persistent Systems and Eternal have been recommended for long portfolios based on their breakout technical configurations. Conversely, analysts maintain a cautious stance on recent high-profile IPOs like Swiggy, citing valuation pressures, while remaining structurally bullish on specialized plays such as Acutaas Chemicals due to robust demand drivers.

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🏛️ Background Context

Indian IT sector equities have historically experienced cyclical rallies driven by global tech spending patterns, US Federal Reserve interest rate trajectories, and enterprise digital transformation budgets. The recent capital rotation highlights shifting investor appetite from expensive artificial intelligence plays in Western markets toward cash-generative Indian IT services firms.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What is the target for Nifty IT according to LKP Securities?

Analyst Vatsal Bhuva projects the Nifty IT index to reach the 35,000 level following an 18% October rally.

Q2: Which specific stocks are recommended by analysts in this rally?

Analysts have recommended buying Persistent Systems and Eternal, alongside a bullish view on Acutaas Chemicals, while maintaining caution on Swiggy.

Q3: What is driving the current Nifty IT rally?

The rally is driven by improving momentum, bullish RSI crossovers, and institutional capital rotation away from global AI stocks.

Verified Wires: Economic Times Markets Original Wire Dispatch ↗

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