Quant Pick - HCL Technologies: ICICI Direct

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ICICI Direct's research report on HCL Technologies

Recommendation

Buy HCL Technologies in range of Rs 950-970 Target: Rs 1135 Stop Loss: Rs 874 Time frame: Three months

Derivatives and Quantitative Outlook

Amid bullish sentiments prevailing in the market, the technology space has seen relative underperformance in the last few weeks. However, most of the stocks have absorbed selling pressure. We believe the sector is poised for the next round of upsides. HCL Technologies has retraced back to Rs 900 levels after making lifetime highs near Rs 1060 in January. As long positions are still intact in the stock, we believe it will resume its upward momentum. The open interest in the stock has increased significantly since August along with price movement as long positions were formed in the stock. Despite the recent profit booking in the stock, the open interest has remained almost intact suggesting prevailing long bias still exists.

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