HCL Tech may test Rs 1546, says Siddarth Bhamre

Siddarth Bhamre of Angel Broking is of the view that HCL Tech may test Rs 1546.

Siddarth Bhamre of Angel Broking told CNBC-TV18, "We are seeing mix set of numbers in the IT sector.  Wipro has reacted positively, Tata Consultancy Services  (TCS) not so positive and Infosys  is sideways. Interestingly HCL Technologies  yesterday opened quite high and throughout the day the stock was correcting. It was taking some resistance around Rs 1,600 and then it went up because of short covering. We did not see formation of long position and yesterday throughout the day formation of short positions was taking place."

"The stock can drift down from current level. We are not having very aggressive targets in our short or buy call either but I am expecting corrections in HCL Tech and some of the IT names. Wipro may underperform, TCS and HCL Tech may correct further. Therefore, target for HCL Tech is Rs 1,546 and stoploss is Rs 1,688," he said.

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