Amit Gupta of ICICI Direct told CNBC-TV18, "The way Infosys and Wipro were behaving before these quarterly results it was clear that a very heavy short addition in both of these stocks and HCL Technologies and Tata Consultancy Services (TCS) were continuing with long formations."
He further added, '"If you look at HCL Technologies before the result announcement we had seen almost 18-20 percent of addition within three-four sessions. Infact in the last session it was almost 9.5 percent. So people were taking long bets in the stock in anticipation of some good results and that is why we have to see today’s opening. Now if it is not able to hold Rs 900 possibly it may drift towards Rs 850-855 kind of levels because if you look at the move from Rs 760 to Rs 900 in the stock, I think it is a very good retracement level around Rs 855 where it can form a base and again start moving up."
"Wipro may be a short-term mover because the kind of short covering we are seeing in this stock, it is really sharp and in the falling market also it is outperforming. Now in the last session around 7 percent of open interest closer we saw so that was only a short covering. It is possible it can move towards Rs 455-460 kind of levels also."
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