HCL Tech may head lower, target Rs 740: Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "IT is a sector where we see underperformance coming in and for the past one year we have been seen that most of the IT stocks like HCL Tech, Tata Consultancy Services (TCS) and Wipro has been oscillating. After a long time the lower range of this mean reverting band has seen a breakdown happening. So, with that view, we expect HCL Tech to see some more decline, Rs 740 is a target that we are looking for with a stop loss at Rs 825."At 13:10 hrs HCL Technologies was quoting at Rs 806.40, down Rs 8.05, or 0.99 percent. It has touched an intraday high of Rs 818.00 and an intraday low of Rs 798.00.