Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, "In the IT space we like Tata Consultancy Services (TCS) and Hexaware Technologies. Both these stocks have seen a very strong build up positions. As far as TCS is concerned at around Rs 2,400-2,550, we have witnessed almost 8-10 percent addition in terms of open interest build up. The stock has seen very strong volume participation on yesterday’s trade which is clearly indicating that lot of short traders are stuck into the stock. Looking into the pattern and the kind of build up, we expect this stock to cross Rs 2,650-2,670 levels in next couple of trading sessions. On downside Rs 2,500 should act as a strong support. Keeping Rs 2,500 as a stoploss one can initiate a long position in TCS at current level."
"Hexaware Technologies formed a major double bottom formation around Rs 145-150 levels and has given a major breakout of weekly charts above Rs 160 levels. Even in the last three to four trading sessions we have seen a consistent build up of positions. So this stock has a potential to cross its all time high which is around Rs 180 odd levels. In short term we are expecting a target of Rs 174 and on downside Rs 156 should be kept as a trading stoploss," he said.
Disclosure: Few of these counters that we have recommended to our clients I don’t have any personal holding in any of them.
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