Prefer Infosys over Wipro: SP Tulsian

SP Tulsian, sptulsian.com advises to prefer Infosys over Wipro. "So maybe the preference in the May series will go on Infosys at a price of about Rs 2,250 for long, but not Wipro," he added.

Tulsian told CNBC-TV18, “The kind of perception now building up for all the bigger ITs Wipro is the weakest amongst the lot. People have now started exiting from the stocks like Tata Consultancy Services (TCS) and HCL Tech in spite of both the companies having posted good numbers.”
He further added, “When one takes a comparative call on Wipro I do not think that there is any reason for the stocks to really go up. Yes, I do not think that today’s levels are seen to be the true value. The stock should have been settled somewhere at around Rs 350. Probably this maybe the overreaction to the poor guidance given by the company. So maybe some shorts are building up on the counter. The stock can be seen to have support at Rs 330, but maybe in the near-term once the expiry is over for this series for April we will see the stock moving back to about Rs 350 in the month of May, but still I will not advise to enter into the stock at this stage.”
“When you start taking a relook to the IT stocks probably the one stock which comes to my mind is Infosys where the position can be taken at a level of Rs 2,250 or so which seems to have bottomed out and for last about a week or so we have been seeing the stock holding those levels and seen to be consolidating at those levels. So maybe the preference in the May series will go on Infosys at a price of about Rs 2,250 for long, but not Wipro.”