Infosys may move to Rs 1300-1350, says Jai Bala

Jai Bala of 1857 Advisors told CNBC-TV18, "The IT sector is a problem space for me. I think from the interpretation that I am making at this point in time, I think the IT stocks are going to chop around between the February highs and September low barring Infosys. Infosys is looking positive even there is not a big upside but there is an upside. It will go close to Rs 1,300-1,350 but rest of the stock within the space is a problem area. It has not yet made up its mind; the sector as such has not made up its mind. We want further clues from the market but if you have to be positive within the IT space, it is going to be only Infosys." "As far as Reliance Industries is concerned, it is doing very good job and if it were to continue this uptrend for the next couple of weeks, we are looking at big upside for Reliance but it is too early to take position and interpret the market that it is going to make those record highs that I am talking about but we want the market to tell us what it is doing in the next couple of weeks. Once it does that we can have a strategy for Reliance but it is looking positive. The price action has been positive for the last couple of weeks," he added.Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.