Gopi Suvanam, founder of InvestWorks told CNBC-TV18, "There has been lot of buying over the last one year, so people are looking to book profits. People expect rupee to strengthen significantly which I don't think is the case because at 60 levels RBI should buy truck loads of dollars and keep it in its reserves. So, it should keep a floor at 60. So, in slightly medium to long-term to perspective, IT will do fantastically well."
"From valuations perspective, I would not go for Tata Consultancy Services (TCS) or Infosys but there are lot of other stocks. Hexaware Technologies is trading at 15 price earning (PE) and Persistent Systems is also doing fantastically well. So, some of these midcaps stocks are very good buy at this moment," he said.
"If one looks at TCS, it has both components, it has IT and it has also BPO, maybe the BPO could slow down but companies like Persistent Systems which are more focused on products, they could start seeing some momentum."
Also Read: Infosys to set up SEZ in Indore with Rs 400 cr investment
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
