TCS, Infosys may perform, support market: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "I think the rupee depreciation that has started, it opened with a gap of, yesterday, from below 64 to above 64 and remained above that level and there is a further move up. So, I think definitely the technology stocks which have remained sideways for some time, even after the last quarterly results, we saw some knee-jerk reaction and the finally that fall stopped.""Infosys has been the leader. Now, that is almost near the life-highs. Tata Consultancy Services (TCS) has closed above the recent results high of Rs 2,600. So, it has closed above that after a couple of tries because whenever it tried, it fell and the fall was arrested everytime around Rs 2,475-2,480. In fact for the last one year it has remained above Rs 2,450 levels," he said. "It is a good platform now for TCS. It will start moving from here. If we look at 2,600 Call option, obviously it has remained quite high because it was unable to move in the last couple of series, then around 20-22 percent of closure, we have already seen in this particular Call option. So, the good trade may be is to buy this call option only and just hold on for another one week or so. In fact, we have done this trade in Infosys where we have bought 1,100 Call option before and we have made good money in that; 35 percent of closer has already happened in 1,100 Call option Infosys. So, these stocks are likely to perform and likely to support the market also as they are top kind of stocks in the Nifty."