Below Rs 2200, Infosys may slip to Rs 2000: Manghnani

Anil Manghnani, Modern Shares & Stock Brokers feels that below Rs 2200, Infosys may slip to Rs 2000.

Manghnani told CNBC-TV18, "For Infosys it is second quarter in a row post its numbers you have see a sharp correction, so it has probably lost its leadership. I think it is going through what HUL did five-seven years back when it used to be your core portfolio holding and then it just gave up after that. I think the same thing is happening with Infosys. It now probably becomes a trading stock rather than core portfolio holding."
He further added, "For Infosys Rs 2200 remains the key levels because that is where it hit last quarter post the numbers and that is close to where we hit yesterday. But if it starts to break Rs 2200 then I think it’s headed towards Rs 2000."
"Wipro is another one that has cracked quite disastrously in the last 10 days. It is at a major support at Rs 353, which is a major moving average. But if we look at the momentum indicators then one would start to get worried. If there is any shocker on the numbers and it breaks Rs 353, it could head back all the way to Rs 310."
"TCS is the difficult one to call because if you look at the charts one would say it is over stretched and Rs 1290 is the problem area. But it might just continue to benefit from the fact that there is no alternative now. If funds want to hold IT, the largest stock is TCS."