Exit Cyient, prefer HCL Technologies: Gaurang Shah

Gaurang Shah of Geojit BNP Paribas Financial Services told CNBC-TV18, "HCL Technologies is one of the stocks that I could possibly identify which has recently been under severe pressure of price correction due to the guidance that the management has given and the numbers which actually unfolded were not so disappointing as per us. My advice is that move out from Cyient and in the IT space itself we believe HCL Tech gives a tremendous opportunity.""We believe that price correction and of course the reaction on fall back of that profit warning is already there in the price right now and there is absolutely limited down side from here on. If I go by the commentary, and if I look at the kind of past performance that HCL Tech has delivered my sense is that there is tremendous amount of opportunity to get invested in HCL Tech. From a long-term perspective we have set aside a price of Rs 1,050. I think the kind of earning visibility that HCL Tech will throw up will give us incremental confidence in case if the numbers are much above our expectation to revise this target upwards in the future," he added.