Hemant Thukral, National Head-Derivative Desk of Aditya Birla Money feels IT stocks will continue to outperform seeing the current market conditions.
Thukral told CNBC-TV18, “If we see Friday’s data point, on weekly basis also, Tech Mahindra has added very good amount of open interest (OI). Friday itself we saw 34 percent addition in OI.”
”For a stock like Tech Mahindra, this is a huge OI being added up because it is not a trading stock usually. But now it again made a 52 week high. The cost has moved up; clearly telling that next level, which we are expecting, is Rs 1,125. The traders have to maintain a stop loss, so I will maintain a stop loss of around Rs 1,040 from where it has given a breakout. IT stocks will continue to outperform seeing the current market conditions,” Thukral added.