Mithil Pradhan of Violet Arch Capital Advisors told CNBC-TV18, "If one looks at the overall market today, the market is moving higher on the basis of all the defensives that are going up, IT being one of them. At this point of time, IT is showing a trend of outperformance against the Nifty. What it means is that, if one has to buy any stocks in Nifty, one would rather buy something like Tata Consultancy Services (TCS) or Infosys today. TCS is one of the best stocks in the IT universe. Rs 1,457-1,458 is where it completed a Elliott flag pattern which is a very bullish pattern and the kind of move that one has seen in TCS today. I would not be very surprised because of the underlying pattern itself was very bullish."
Pradhan also added, 'I would be a little more bullish on TCS than most of the traders. I do expect that TCS has everything in place to make a new all-time high. I am looking at Rs 1,580-1,590 as the overall short to medium-term target in TCS and would strongly recommend going long."
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