Infosys not a buy at this point: Sandeep Wagle, APTART

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, in a chat with ET Now talksa about the OMCs and IT stocks.

Are any of the oil marketing companies looking like a good short right now? large cap IT, would there be any play that you would still go ahead and may be buy?

I will not short the oil marketing companies. Whatever you are saying is possibly built in into the prices and the sentiment is on the positive side. So even if you short it, you may see a little bit of a downside. It could be a trading move of 2-3-4%, I do not see a 10%+ downside on the oil marketing space.

Talking of IT, we have been advising booking profits. In Infosys, 3250-3270 is where we have told our clients to book profits and we are really surprised with this move beyond 3350. Having said that, at this point of time, we do not want to buy. May be possibly on a decline, we will take a re-look and IT will be a defensive sector going forward. So I would definitely not advise a buy at this point of time, may be around 3100 on Infosys, which is 5-7-8% down if there is a correction, is where we will look at. Otherwise we will let it go.