IT Momentum: Mphasis and OFSS Shift Bullish

The NSE Nifty IT sector, despite showing signs of a broader momentum weakening, recently saw two significant shifts in individual stock momentum, signaling potential pockets of strength. AltraOne's multi-timeframe analysis offers a clear view of these movements, utilizing its proprietary scoring system. The Altra Score provides a 0-100 momentum rating for each stock, based on how its Exponential Moving Averages (EMAs) align and its Relative Strength Index (RSI) trends across daily, weekly, and monthly timeframes – a higher score indicates stronger bullish momentum. Meanwhile, the Altra Market score reflects overall market breadth by tracking the percentage of stocks above key EMAs, and the Altra Sector score applies this analysis to sectors, ranking them by relative strength against their peers. These tools allow traders and investors to identify high-probability setups by understanding both individual stock dynamics and the broader market and sector context.

This context is particularly relevant as the overall Altra Market score sits at 57.5, categorized as "Improving" with breadth showing 58.0% of stocks above their 20-day EMA, 52.0% above their 50-day, and 52.0% above their 200-day EMAs. However, the IT sector itself, with an Altra Sector score of 48.0, ranks 3rd and remains in a "bearish" regime, detailed as "Lagging, momentum weakening further" with an RS RSI of 45.4. Against this backdrop, the bullish shifts in MPHASIS and OFSS warrant a closer look.

MPHASIS

MphasiS Ltd. (MPHASIS) recently demonstrated a notable shift in its momentum profile, with its Altra Score moving from 23.6 to 68.3 in a single session. This substantial jump signifies a transition from a "Bearish" to a "Bullish" momentum classification for the stock. This move is particularly interesting given the broader bearish sentiment within the NSE Nifty IT sector.

Examining the underlying technicals, MPHASIS currently finds itself trading above its key Exponential Moving Averages (EMAs), a classic bullish signal indicating that the short-term price trend is outperforming longer-term averages. While the stock did experience a bearish Weekly EMA Crossover back on February 6, 2026, the recent Altra Score surge suggests that momentum indicators are now pointing to renewed strength. The Relative Strength Index (RSI) readings for MPHASIS show daily RSI at 51.56, weekly at 48.31, and monthly at 46.62. While the weekly and monthly RSI remain below 50, indicating longer-term momentum is still developing or recovering, the daily RSI above 50 supports the immediate bullish momentum observed in the Altra Score.

Despite the individual stock's bullish turn, the overarching sector context, where the Altra Sector score for IT remains at 48.0 (rank 3, bearish) and its relative strength momentum is weakening further (RS RSI 45.4), means that MPHASIS's upward move should be considered within a selective market. The broader Altra Market score is "Improving" at 57.5, with 42 advances against 8 declines, reinforcing the idea of a market where strong individual setups can emerge even as some sectors lag.

OFSS

Oracle Financial Services Software Ltd. (OFSS) presented an even stronger momentum signal, with its Altra Score rocketing from 45.7 to 86.2, marking a decisive shift from a "Neutral" to a "Strong Bullish" regime. This high Altra Score of 86.2 places OFSS firmly in a category typically associated with robust upward momentum across multiple timeframes.

OFSS's technical posture also reinforces this strength. The stock is trading above its key EMAs, similar to MPHASIS, which is a foundational indicator of bullish price action. However, unlike MPHASIS, OFSS also registered a bullish Weekly EMA Crossover on May 1, 2026, indicating a more confirmed and sustained upward trend in its intermediate-term momentum. The Relative Strength Index (RSI) figures further underscore OFSS's bullish trajectory: daily RSI stands at 53.54, weekly at 64.12, and monthly at 73.36. The weekly and monthly RSI values, both well above 50 and especially the monthly RSI near 70, signal significant underlying strength and sustained buying interest over longer periods. This suggests a more deeply entrenched bullish trend compared to MPHASIS, where the longer-term RSI values were still below 50.

Like MPHASIS, OFSS operates within an NSE Nifty IT sector that is currently "Lagging" with a bearish Altra Sector score of 48.0 and weakening relative strength. Yet, the robust individual momentum of OFSS, particularly its high Altra Score and strong longer-term RSI readings, suggests it is demonstrating significant independent strength. This aligns with the "Be selective — favor high-quality setups" advice from the broader Altra Market detail, which itself is "Improving" at 57.5. The simultaneous bullish shifts in both MPHASIS and OFSS, despite the sector's general weakness, could be an early indication for traders monitoring for potential strength within the IT space.

What is the Altra Score? The Altra Score is AltraOne's proprietary momentum score for individual stocks, ranging from 0 to 100. It measures EMA structure and RSI momentum across multiple timeframes. A score above 60 is Bullish, below 40 is Bearish, and 40–60 is Neutral. The score is updated every trading day after market close based on end-of-day data.

Explore the full Signal History on AltraOne to see every EMA crossover signal across your watchlist — going back 52 weeks. The weekly EMA crossover is AltraOne's highest-conviction intermediate momentum signal; the Signal History page lets you track how these have played out over time.

Altra Score is a momentum indicator reflecting EMA alignment and RSI trend across daily, weekly, and monthly timeframes. It is not investment advice. Past momentum does not guarantee future performance. Please consult a SEBI-registered advisor before making investment decisions.