Buy Infotech Enterprises at around Rs 178-180: Kulkarni

Shardul Kulkarni, Angel Broking is of the view that, one can buy Infotech Enterprises at around Rs 178.

Kulkarni told CNBC-TV18, "Infotech Enterprises is a dangerous terrain the reason being that if one see the average volumes thereabout 8-10 lakh shares at max in case of Infotech. Today the stock has given you phenomenal move already up 4-5% in today’s trading session with very strong volume so more than 80 lakh shares traded today. It was trading in a sideways band for around six months in the range of around Rs 180 on the upside to around Rs 150 on the downside. That range has been broken out and you may see a further move but what we see is that after a breakout generally you have some sort of a pull back." He further added, "Pull back may actually led the stock to around Rs 178-175 in the next couple of trading sessions where probably one can look at buying but I would stick to the large cap IT space considering the broad mark scenario that we are still in that sideways range and we are not doing very well on the large cap stocks so while the opinion remains bullish I think you should be staying with the large cap stocks. In this case probably one can take positions but at Rs 178 or Rs 180 not at this juncture."