Geopolitical tensions over the Russia-Ukraine crisis and a sooner-than-expected liftoff have sent the stock market in a tizzy lately. At such a time, several market experts believe that Information Technology (IT) is the sector to stay heavily invested in given the recent correction and strong demand outlook.

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The recent correction has eliminated some of the valuation frothiness in the sector, said Nirav Karkera, Head of Research, Fisdom. From a demand, investment and earnings perspective, he believes technology stocks are in a multi-year expansionary cycle.

“From a long term point of view, it makes complete sense to invest in technology stocks. With the structural story still intact and digitisation being a key driver, IT stocks are in the buy zone,” he added.

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Technology stocks are no longer a mere defensive play but will actively contribute as a growth counter over a period, Karkera pointed out.

Nifty IT has fallen 10 percent in the past 30 days whereas the benchmark Nifty50 is down nearly 5 percent.

Stocks such as Tata Consultancy Services, HCL Technologies, Wipro, Tech Mahindra, Infosys, Coforge, Mindtree and L&T Technology Services, Larsen & Toubro Infotech have slumped about 5-20 percent in the past 30 days.

Purvesh Shelatkar, Head of Institutional Broking, Monarch Networth Capital, has a conservative approach and prefers low hanging fruits like TCS, Wipro and HCL Technologies.

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When asked about his penchant for stocks in the midcap space, Shelatkar said he likes Birlasoft, Newgen Software Technologies and Zensar Technologies.

Major IT firms raising their revenue guidance indicated a strong demand environment which has boosted confidence for IT stocks, said Shelatkar. Further, the growing trend of digitisation has fuelled the outlook for technology companies, he said.

A similar opinion was expressed by Richard Harris, Chief Executive Officer at Port Shelter Investment Management. He told CNBC-TV18 that now is the right time to invest in the technology space considering the sector's "inherent value" as one of the reasons.

Some technical analysts have listed out a few stocks that have the potential to generate strong returns in the coming months:

KPIT Technologies | Buy with a target price of Rs 800 and a stop loss of Rs 490 for 3-4 months (Arpan Shah, Senior Research Analyst at Monarch Networth Capital)

Tata Elxsi | Buy with a target price of Rs 8000 and a stop loss of Rs 6,490 for 3-4 months (Arpan Shah, Senior Research Analyst at Monarch Networth Capital)

Happiest Minds Technologies | Buy with a target price of Rs 1,350-1,500 and a stop loss of Rs 880 for 3-4 months (Arpan Shah, Senior Research Analyst at Monarch Networth Capital)

Wipro | Buy with a target price of Rs 635-680 and a stop loss of Rs 525 for 1-2 months (Kkunal Parar, Vice President-Research, Choice Broking)

Tech Mahindra | Buy with a target price of Rs 1,650-1,750 and a stop loss of Rs 1,360 for 1-2 months (Kkunal Parar, Vice President-Research, Choice Broking)

L&T Technology Services | Buy with a target price of Rs 5,400-5,800 and a stop loss of Rs 4,250 for 1-2 months (Kkunal Parar, Vice President-Research, Choice Broking)