Hemant Thukral, Aditya Birla Money is of the view that Infosys may slip to Rs 2170-2200. However, Jaiprakash Associates can go upto Rs 75. “I am slightly more positive on JP Associate then Infosys,” he added.
Thukral told CNBC-TV18, “Infosys everybody can guess the way the shorts have been added up. 123 percent week on week and 78 percent shorts on single day. Importantly what I saw was that 2200 Put writers have gone very active and 2400 Call writers were actually putting on their position. So Friday both these strike prices have added more than 5 lakh open interest. So I have a feeling that around Rs 2180-2200 Infosys may bottom-out, it may not go below that though technically support starts from Rs 2250 itself.”
He further added, “On the higher side I seriously feel that Infosys will struggle to cross any level beyond Rs 2450 now. So at least for this series or even May series because May also 2500 Call writer has gone very active. Infosys may struggle to cross 2450-2500 on the upside. Rs 2170-2200 is a strong bottom for it now.”
”JP Associates has seen buying but that has been across the cement sector. I can see buying in ACC and Ambuja Cement also and I think JP is trying to form a bottom around that Rs 65-66 mark. So if it holds I have a feeling that JP will go and retest Rs 75. So I am slightly more positive on JP then Infosys.”
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