Stock market experts are of the opinion that RBI keeping interest rate unchanged would attract foreign investors as global market has already discounted 25 bps expected US Fed rate hike in upcoming GOMC meeting. They advised long term positional investors to start accumulating IT stocks for long term as quality IT stocks are available at highly discounted price. However, they predicted that fresh rally in Indian IT stocks would start from the large-cap segment followed by mid-cap and small-cap IT stocks.

Also read: Nifty IT index falls 2%; why are tech stocks falling?

On why one should look at IT stocks to buy before RBI policy outcome becomes public, Sandeep Pandey, Former Deputy Vice President at HDFC Bank said, "Indian stock market is in sweet spot as Indian economy is showcasing positive signals amid fear of economic slowdown in developed economies like the US and Europe. As global market has already discounted 25 bps US Fed interest rate hike ahead of the FOMC meeting, US dollar and treasury yield is expected to ease in coming days, which is food for FII inflows in Indian equities. After strong Q4 results, Indian economy has signaled that demand and growth is still intact in India. This conviction got a boost after strong GST collection, better than expected GDP numbers and Indian inflation at the lower levels in government's targeted bracket of 2-6 per cent."

Rate-pause bets

Expecting status quo from RBI policy meeting, Vaibhav Kaushik, Research Analyst at GCL Broking said, "As Indian economy is in sound condition and most of the indicators are signaling strong numbers, I strongly believe that RBI may announce rate-pause in its RBI MPC meeting. If this happens, then in that case we may expect fresh leg of rally in Indian stock market. To maximise one's return, it is advisable to look at stock available at discounted price and for that one can look at IT segment as potential multibagger can emerge from this segment."

On which segment to look at in the wake of rate-pause bet from RBI monetary policy meeting, Sandeep Pandey (who is director at Basav Capital as well) said, "Manufacturing and IT stocks are going to give stellar return in long term and my suggestion to positional investors is to book profit in leading Bank Nifty stocks and switch money into IT and manufacturing segments."

Stocks to buy today

On stocks to buy from IT space, Sandeep Pandey batted in favour of Tata Consultancy Services (TCS) shares citing, "TCS share price may give sharp upside movement in medium to long term as the IT major is sitting on whipping cash reserves and in the wake of lowering cost of business, TCS share price cold be one of the first and foremost IT stocks that may give sharp upside movement." Pandey advised positional investors to keep on accumulating TCS share for next one to two quarters on every big dip.

Vaibhav Kaushik of GCL Broking said, "One should look at Birla Soft in small-cap segment whereas TCS and LTIMindtree shares can be a good long term option in large-cap IT segment." However, he said that HCL Tech and Infosys shares may also give better returns in long term as these shares announce buyback and bonus shares at regular intervals.