IT stocks which can soar 15% despite being in the 'overbought' zone

Here's how the stocks look on charts:

NIFTY IT INDEX

Likely target: 36,500 to 37,000

Upside potential: 4% to 5.50%

1. Tata Consultancy Services

Likely target: Rs 4,250

Upside potential: 10%

Since the beginning of August, the shares of Tata Consultancy Services have surged over 20 percent. The counter is able to absorb all the selling pressure even in the overbought category of Relative Strength Index (RSI), sustaining the bullish outlook.

2. Wipro Ltd

Likely target: Rs 720 and Rs 750

Upside potential: 7% to 11%

The counter has seen a bullish momentum in the overbought category of RSI. While it does show some weakness, the overall trend, so far, has not been dented by the selling pressure. The stock continues to scale higher levels, building firm support.

3. Larsen & Toubro Infotech Limited

Likely target: Rs 6,000

Upside potential: 10%

After conquering the resistance of Rs 4,500-level, the shares of Larsen & Toubro Infotech Limited have not looked back, as per the daily chart. The stock is gradually rising upward in the overbought category of RSI, suggesting a firm underneath strength.

4. Coforge Ltd

Likely target: Rs 6,000

Upside potential: 15%

The stock is observing mild selling pressure above Rs 5,250-level. Once this resistance gets surpassed, the bullish sentiment may breakout towards Rs 6,000-level.

5. MindTree Limited

Likely target: Rs 4,300 and Rs 4,450

Upside potential: 10% to 15%

The stock has doubled in the last six months and continues to hold the positive momentum. The price structure indicates a formation of "Higher High, Higher Low" pattern, which has a support at Rs 3,600-odd levels. The current trend suggests a rally towards Rs 4,300 and Rs 4,500 levels.