Hold Wipro, sell HCL Tech advises Darashaw

Regan Homavazir, Associate VP-Technical Research of Darashaw advised staying with Wipro. However, HCL Tech is a sell.

Homavazir told CNBC-TV18, “The IT has been a surprise. Let us be honest, Infosys falling by a near 21 percent has surprised the market which is why the collapse has been so vicious. At Rs 2,250 where Infosys stands what do you expect? We expect Infosys to bottom out. The downside is another 5 to 8 percent on the Infosys chart but the Infosys chart suggest that investments be made in the stock.”
“When one looks at the Wipro chart, the Wipro chart is not looking that bad. Wipro’s major support is placed at Rs 335 so we expect those supports to hold. Infosys, Wipro if one takes it together and TCS accounted for there is not too much downside. HCL is already out of the picture. Wipro is something that we would like to stick with,” Homavazir added.