Tech Mahindra can touch Rs 1100: Jai Bala

Tech Mahindra can touch Rs 1100, says Jai Bala, cashthechaos.com.

Bala told CNBC-TV18, "I am still bullish on the Information Technology (IT) space but it need not be frontline IT, it is the second line IT companies. I was bullish on Tech Mahindra when it was trading at about Rs 700 odd and the stock has gone to Rs 1050. I think there is still lot juice left in this space. One can expect Tech Mahindra to scale at least Rs 1100 if not Rs 1,300."
He further added, "Even Polaris Financial Technology is also looking good in the IT space. You can even create a short-term trading opportunity here if you can place stoploss of Rs 129, you can expect the stock to hit about Rs 152 in the extreme short-term."
"Pharma sector once again is starting to look quite aggressive on the higher side whether it is Ranbaxy or Dr Reddys or Cipla, they still look quite attractive in the short-term. If you look at the medium-term picture, if they can hold this much amount of strength but the medium-term charts still paint a much higher strength to come through but I cannot say the same of FMCG stocks. They haven’t weakened yet but there are minor cracks appearing in that space."