Infosys a good bet Rs 1400: Choksey

Deven Choksey of KR Choksey Securities is of the view that Infosys Technologies a bet at around Rs 1,400.

Choksey told CNBC-TV18, "Most of the players whom we have spoken to they probably want to buy technology at lower levels that means that they want to buy at the valuation, which is equal to the market valuation or little above market valuation but not substantially above valuation. Before the Infosys came out with its result, I think the stock was quoting on a forward P/E of around 17 and view was that after the result is announced they want to buy this stocks once again back at 14-15 P/E. I think practically we are seeing good amount of fall into this price.”

He further added, “Within the technology space, probably we will find company like Infosys standing tall. Once again I think people will come back at around Rs 1,400 levels to buy this company and built a portfolio on a long side. I think till such time people would not like to give premium to some of the technology companies. At the same time some of them are actually disappointed like HCL Tech, by giving this kind of a shocking numbers on the Forex side. Probably if that is going to be the case with many other technology companies that would be really sad but at this point of time I do not want to count on that aspect, I would probably say that Infosys would be the better bet at around Rs 1,400 levels."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.