Sudeep Shah: Nifty IT Momentum Strong; HDFC Bank, ICICI Bank Strategy

Sudeep Shah said the Nifty IT index is gaining strong momentum. He also laid out a strategy for HDFC Bank and ICICI Bank after their June-quarter results, according to a report on ETMarkets.

Shah did not specify price targets or entry levels for the two banks. His comments come as both lenders reported first-quarter earnings that met or beat expectations. HDFC Bank carries an Alpha Score of 44 out of 100, labeled Mixed. ICICI Bank scores 57, labeled Moderate. Both trade in the Financial Services sector.

For the Nifty IT index, Shah's view aligns with the broader trend of strength in technology stocks. The index has been outperforming recently, though Shah did not provide a specific target or time frame.

Shah's remarks were carried by ETMarkets.