Jan 09, 2013 04:46 PM IST | Source: CNBC-TV18

Short TCS on rallies to Rs 1290; target Rs 1230: Kulkarni

One can short Tata Consultancy Services (TCS) on rally towards Rs 1290 with a stop loss of Rs 1320 for the target of Rs 1230-1225, says Shardul Kulkarni of Angel Broking.

Short TCS on rallies to Rs 1290; target Rs 1230: Kulkarni

One can short Tata Consultancy Services (TCS) on rally towards Rs 1290 with a stop loss of Rs 1320 for the target of Rs 1230-1225, says Shardul Kulkarni of Angel Broking.

Kulkarni told CNBC-TV18, "TCS continues to be in a strong lower top-lower bottom cycle and going forward we may see further downside risk in case of TCS. I would look at the stock moving to around Rs 1,230 to Rs 1,220, because overall the stocks in the IT space do not look that good and TCS in particular is quite negative. So, I would not be bullish in case of TCS. I would look at going short. On any rise towards Rs 1,290, place a stop loss at Rs 1,320 and look at a potential target of around Rs 1,230 to Rs 1,225."

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