HCL Technologies may move to Rs 1100, says Jai Bala

Jai Bala of Cashthechaos.com told CNBC-TV18, "IT space is starting to look interesting. In October we wanted HCL Tech to drop below Rs 800. I think it has exactly gone below that by Rs 2, although I would have preferred it to go little down and come up but it has done what it was meant to do. So, one or two stocks in IT space are starting to look good. HCL Technologies is looking good for Rs 1100. It is very likely to pickup steam in the next week.""Similarly if you look at something like Oracle Financial, it might still have a minute level of downside left but once it does that it is heading to somewhere about Rs 4200-4500. So, IT space is starting to look good," he added."As far as leadership goes, it is going to be the FMCG space and Reliance Industries which I have been saying for the last few weeks. We saw Britannia Industries and Hindustan Unilever do some very good price action last week. We had even mentioned about these two stocks last week. I am sure these two will do very well and lead the market along with Reliance," he said.Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.