Buy Infosys 2500 Call, says Hemant Thukral

Thukral told CNBC-TV18, " Infosys we have particularly chosen, because this scrip has seen lot of shorts being rolled to the next series. We already know that TCS has shown a very sharp run up and it’s maintaining its run up along with HCL Tech. CNX-IT for me has reversed from very crucial support levels. If CNX-IT has to maintain this run up unless and until TCS continues to outperform, which I expect it to do, I am expecting some sort of short covering to continue in Infosys."

He further added, "First signs came on Friday and Saturday. Saturday though a truncated session, but some signs definitely creep in where Infosys did saw open interest decline. So I am expecting this open interest decline to continue and some more short covering, which will take this stock towards Rs 2,470. I am not saying that Infosys has turned strong but there are very big chances that it can see that short covering coming in. That’s why we are recommending to buy a 2500 call for anywhere between Rs 27-29, the premium should be and the stock target is Rs 2,470 but one has to maintain a stop loss of Rs 2,350 because for some reasons if Infosys goes below Rs 2,350 then it turns weak again."