It was an eventful start to the week with the indices see-sawing through the day and the bulls managing to fend off profit booking. Nifty closed at 4,610 up 36 points, while the Sensex shut shop at 15,289 up 295 points.

Broader markets however failed to match the frontliners performance ending with deep cuts.

Technical Analyst Rahul Mohindar of viratechindia.com is positive on Infosys.

“There is no confidence and that is why we are not seeing a clear trend emerging. Even on the downside, it’s not going to be too big a downside that is on its way. But for the market to resume or get into some kind of a corrective or decent sized upmove, we need to get past 4,720 and on a closing basis. So, there is still a lot of work that the Nifty needs to do to really breakout or consolidate. If you are looking at investing into the market, it’s a time where one needs to stay out, wait and watch,” said Mohindar.

Here’s how Rahul Mohindar views the stocks on board:

On HCL Tech, Infosys and Wipro:

HCL Tech definitely has a potential to move towards Rs 300-310. Wipro has a good 5-6% upside. But I see these as short-term movers. I won’t be an investor into these.

If one is really long-term and willing to wait it out with the kind of 10% downside cushion, Infosys is the one I would still bet on. But its clearly a short-term play in HCL and Wipro. I don’t see this living out over the medium to long-term from an immediate perspective.    

On ICICI Bank:

In case of SBI or ICICI Bank at these levels, your downsides are really capped. From a long-term point of view, if you have the money, I would put in 50% of my trade at these levels. So, I am a comfortable buyer even in some of the midcap banks. We are seeing a bounce back from key support levels and that is why I would like to invest into them 

Disclosure:

It is safe to assume that I personally don't hold any of the stocks. However, I may have recommended some of them to my clients.