Short TCS around Rs 1100-1120, says Atul Badkar, Edelweiss Securities.
Badkar told CNBC-TV18, "Going forward we have been observing that the entire IT space is one sector where people have before the Infosys results did book a bit of profits. Of course post Infosys and TCS results you have seen what has happened. So going forward I am not seeing any aggressive fresh shorting but that's one sector, when you speak to clients, the view that comes across is that - that's a sector which they like to avoid for the time being."
He further added, "They were long in the capital goods, banking space and they have lightened their positions in the IT space across the board. In TCS from Rs 1072 price where I think it is trading right now, maybe another 4-5% downside. That's one trade you can look at taking but not immediately. Maybe I think when this market is showing some strength, you may want to just wait a little bit more and take shorts closer to Rs 1100-1120 levels."
