Go long in Tech Mahindra, advises Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "We have been fairly optimistic on IT space. At current level, Infosys is not a bad buy. If I have to look at the space where there are too many short positions then Tech Mahindra is one counter. The worst is over, but the stock does not move down or up linearly. So, I believe that there is a good likelihood of a bounce back with IT stocks and IT index on charts showing a good upside traction to come."

"Tech Mahindra is a candidate which can show a good short covering bounce. I do not have very aggressive target prices. I am expecting a bounce till Rs 501. So, fix a stop loss somewhere around Rs 459-460 and go long in Tech Mahindra. It is purely for trader, an investor should look at stocks like Infosys and Wipro," he said.

At 10:00 hrs Tech Mahindra was quoting at Rs 477.45, up Rs 1.40, or 0.29 percent. It has touched an intraday high of Rs 481 and an intraday low of Rs 475.15.