Buy Infosys on declines: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, talked about TCS and Infosys.

ET Now: Let’s revisit that good all comparison between TCS and Infosys. One quarter ago, TCS was a buy on every decline, Infosys was a sell on every uptick. Do you think the tables have turned now? Is Infosys a buy on every decline and TCS a sell on every uptick?

Mitesh Thacker: I would say so. In fact while primarily this is because of the way both these stocks have reported their numbers, very clearly the steadiness in the uptrend of Infosys is very very appealing to me. I would be a buyer over here. While TCS with the last few days with a strong gap down opening has damaged the technical structure. So I would wait and watch out over there but Infosys definitely would be a buy on declines. In fact, I remember on the result day, I was not looking for targets beyond 2650 but a breakout above that has convinced me that this rally is going to extend. 2900-3000 could be a broad range where this stock is heading towards in the next few weeks.