Don't get into midcap IT stocks over a short term: Ashit Suri

Ashit Suri, Fundamental Research Analyst, JV Capital Services in a chat with ET Now talks about midcap IT stocks.

One word on IT not having the best of sessions just in a run-up to the results. Mid-cap IT also joining in in bit of a party for the likes of Tech Mahindra. What does one do with the mid-cap IT space in particular? A Tech Mahindra, Polaris or a Patni?

As far as the mid-cap IT is concerned, Polaris has already had a good run-up from those 152-153 levels. Of course going ahead, a lot of these companies still have good promise but at this point of time, the rupee appreciation is really affecting sentiment and it is likely to hit the profit margins of these companies. So with this negative sentiment near short-term upward moves are going to be limited or rather not happening. So it is not the time to get into these stocks over a short term. One should wait for corrections and then look to accumulate some of these stocks, which have good value.