Go long in TCS, may go above Rs 2600: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "What we have observed is that since last one and a half years, Tata Consultancy Services (TCS) has been in a very narrow range of 300 points. Though it is a 10 percent range but a quality stock for last one and a half year underperforming market - not exactly underperforming but has been in the range and it is now on the lower side of the range. Even if you look at CNX-IT index, it is showing that probably the correction, which started a couple of weeks back seems to be over. We have seen good bounce back in HCL Technologies.""TCS may not have significant downside from current levels, we have seen huge formation of short positions from Rs 2,650-2,700 levels and it is near to very strong support of Rs 2,450, so I would suggest that it is prudent to take a bit of risk and have some long positions in TCS. I am not saying that it is going to breakout the upside range but within the range it is on the lower side of the range and would now move towards the high side of the range. So we don’t have very aggressive target prices but more than Rs 2,600 is what I am expecting and fix a stoploss somewhere around Rs 2,430 and go long," he said.