HCL Tech looks good at current levels: Amit Gupta

HCL Tech is looking good at current levels, says Amit Gupta, Head of Derivatives, ICICI Direct.

Gupta told CNBC-TV18, “If you look at the lesser short as I mentioned in the case of real estate, it is happening in HDFC Group- HDFC, HDFC Bank both. We are not seeing that kind of positions, short positions especially getting rolled and the outperformers like M&M or HCL Technology, HCL Technology particularly in the technology pack we had seen very good cash buying before, where it has come down now. So these levels are really attractive.”
He further added, “Real estate was quite subdued and the traders were trying to go short in these stocks. But if you look at DLF what happened in the last 7-8 months it was not coming below Rs 180-190 kind of levels. This is where we started seeing the unwinding of short positions. It moved towards Rs 210-220, finally came down to Rs 200 and couldn’t sustain and finally moved up and now if you are looking at the rollovers it is relatively low because the people who were short before they are not rolling and this is where stability in the price is there.”