Siddharth Bhamre of Angel Broking recommends buying Wipro on dips.
Siddharth Bhamre of Angel Broking told CNBC-TV18, "IT sector sometimes has to face perils of being very honest with the market and companies come upfront and they talk about how they are going to perform and sometimes they come out and say that we are probably not going to perform that well. So, market do react negatively in short-term and that is what you are seeing in HCL Tech , that kind of correction we have seen in last two trading sessions. But I am not very down-beat on IT."
"In HCL Tech if further corrections happen and if it goes to Rs 910-915 which is not very far from current level, I think it is a good buy. Related names in same space, Infosys , probably last month you would have seen that it has been in a range barring two trading sessions. This month also we are seeing that it might be in a range but a wider range with Rs 2,100 on the lower side and Rs 2,300 on the higher side. Implied Volatility (IV) have just started increasing now. Results are coming, so around 33-34 percent IVs are there, they may go up till 38 and not beyond. So, I would suggest before the results if IVs are around 38-40 shorting strangle in Infosys provided it is around Rs 2,200, short strangle of Rs 2,100 and Rs 2,300 in Infosys. We are expecting that this time even after result Infosys might remain in a range a bit volatile."
" Wipro is a buy-on-dips in this space. If it corrects further and it is available at Rs 615-620, it is a good buy."
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