Wipro can touch Rs 357, says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, "Wipro should do first Rs 357, HCL Tech should move back to about Rs 420 and Infosys will find a first key test at about Rs 2500. So I think now what they might do is they might start to see some profit booking where the others catch up."
He further added, "I think the one that really might play out in this next move would be the metal pack because given that what the central banks are trying to do and the dollar might weaken a little bit back to 76-75.50 on the DXY - that would push the metal stocks up. Hindalco and Rallis back to Rs 160-170, SAIL goes back to Rs 122-130 range and Jindal Steel maybe goes back to about Rs 570. So I think all these stocks may catch the next leg."
"I think the IT would inch up but having already rallied so much they might not have too much left in the system. Remember what might happen also is a lot of it got fueled by the rupee, so the rupee which has hit a major target at 48 might again drift back to 46.50 which won't be necessarily great for IT. So IT maybe just sort of finished their last move where the other, banking and metals - the other two high beta sectors, would play catch up."
