IT stocks look weak: SP Tulsian

IT stocks are looking weak at current levels, says SP Tulsian, sptulsian.com.
 
Tulsian told CNBC-TV18, “When you saw Tech Mahindra and Mahindra Satyam, both the stocks moving up, Rs 1100 for Tech Mahindra and Rs 130 for Mahindra Satyam, at that time market was hunting for some defensive stocks and IT was seen to be the flavour at that point of time. If you recall at that point of time Infosys touched Rs 3,000, Tata Consultancy Services (TCS) Rs 1,600, same thing happened from Tech Mahindra and ahead of the numbers at that time I do not think that people were really taking a rationale call on the Q4 numbers that they are not likely to be something very extraordinary.”
 
He further added, “Now the profit booking and the huge positions in the form of short-term investments or as a defensive cover having entered into by the market at that point of time are seen getting exited. Infosys probably will decide that trend. So maybe ahead of the numbers the entire tech stocks are looking slightly weak and Tech Mahindra since has gone up substantially at that point of time is correcting much more than what the other stocks are doing.”