TCS can go upto Rs 1400: Mehta

Dipesh Mehta, Nirmal Bang Securities is of the view that Tata Consultancy Services looks good; the stock can go upto Rs 1400.

Mehta told CNBC-TV18, “Among IT stocks Tata Consultancy Services (TCS) looks very good to me. Results did not disappoint. I think there are lot of short positions still to be squared off and before the expiry they will come up. They are waiting for their levels to come and before those levels only we will see a small upmove coming in TCS, maybe till levels of Rs 1,380 and that is that time I think the shorts will come to square off their positions and we will see a sharp rally till around Rs 1,420 or Rs 1,440 in the current expiry itself."
He further added, "So I am recommending people to be a little bit aggressive and go long in TCS Futures at current market price with a stop loss of around Rs 1,342 on the lower side and an immediate target of Rs 1,400.”