Sahil Kapoor of Edelweiss recommends buying Infosys at around Rs 3000 with a target of Rs 3200-3250 with a stoploss at Rs 2890.
Sahil Kapoor of Edelweiss told CNBC-TV18, "IT is still the outperforming sector. What we have seen is from the bottom when Nifty started moving higher from around 5,120 levels, we have seen the stock which were outperforming were the ones which pulled the Nifty up. In the last two-three days, we have seen all the underperformers seeing a lot of short covering option. So after this churn gets over, one will see again these outperformers shine back."
"I think out of the IT pack, Infosys is looking very strong, it is nearing Rs 3,000 levels and at Rs 3,000, it has got a very good support. Last time also it had a good buying support at Rs 3,000 levels. So I think near Rs 3,000 to Rs 3,030 one can buy Infosys and put a stoploss at Rs 2,890. Look for targets in excess of Rs 3,200 to Rs 3,250," he said.
"Infosys is a good buy at current levels apart from other IT stocks like HCL Technologies but from a chart perspective, Infosys is the best among IT pack."
Disclosure: We may have advised these stocks to our clients.