Buy HCL Technologies, may test Rs 748: Manoj Murlidharan

Manoj Murlidharan of Religare Securities told CNBC-TV18, "We are seeing a lot of index management or even sector management that was happening in this contract of May. The money has come out of Bank Nifty practically and we are seeing at least IT in the last three to four odd sessions, where the money is coming in. HCL Technologies is one superb stock because after the recent correction and from the levels of let us say even yesterday, it was somewhere close to Rs 711-715, we are seeing excellent buying which has happened and the bottom-up formation is just going on." "We feel for this contract of May as well, we might see levels of Rs 772 but that is being too ambitious. However, as of now, we are seeing it as a good buy. We highly recommend buying it at Rs 711. The immediate target would be Rs 748, keep a stop loss of let us say Rs 692. So, HCL Technologies from IT is where we are very bullish," he added.