Sell Hexaware Tech, says Murlidharan

Sell Hexaware Tech at current levels, says Manoj Murlidharan Vayalar, IIFL PReMIA.

Murlidharan told CNBC-TV18, “If you look into the data into May, IT is one sector, which has not participated. Though as I was saying, institutions have been buying stock futures, cash based accumulation needless to say DIIs are managed to buy some of them but we are not seeing good participation happening into the IT sector.”
He further added, “IT is a sell and I feel the top pick would be a Hexaware. I guess it was somewhere close to Rs 122 in the morning where we had initiated a short, we are still holding the short because we are expecting close to Rs 110 on that. So that becomes a top shot from the IT industry.”
“JP Associates, on Monday there was some short rollovers, which has came into JP Associates but after that the last three days, Tuesday, Wednesday and even today intraday we are not seeing much of a short rollovers. More or less it is flat so I feel this would be more or less in a range bound session though if we see it exceeding beyond Rs 64.8 only then it becomes a buy because that was the average price at which we saw the distribution coming in and on the downside it can go as down as Rs 56. So it still would be a shot but if I get somewhere close to Rs 63-64 levels then that becomes a better shot."