Infosys may decline to Rs 2650-2700, says Harchekar

Amit Harchekar of IIFL is of the view that, Infosys is expected to come down to the levels of Rs 2650-2700.

Harchekar told CNBC-TV18, "Real estate and metals are looking very good shorting candidates. If we look at stocks like Housing Development Infrastructure (HDIL) and Indiabulls Real Estate they have already taken out a crucial supports and every rallies are met with selling pressure. So there have been lot of people which are stuck at higher levels so they have ideally become good shorting candidate." He further added, "Looking at metals Tata Steel is struggling to move beyond Rs 345-350. Once it approaches that resistance level that can be shorted with a stop loss of Rs 360. I am expecting Tata Steel to test levels of Rs 320." "The main contender of the last leg of decline is IT stocks. We have already seen good outperformance from Infosys, HCL Technologies. However if market has to bottom out these defensives should give up their gains and I am expecting Infosys to come down to levels of Rs 2650-2700. So I am not expecting Nifty to go below 5550 and once this correction is over around 5640 I am expecting Nifty to touch 6000 levels in last week of March.