Not very bullish on IT: Jagannadham Thunuguntla, SMC Capitals

In a chat with ET Now, Jagannadham Thunuguntla, Equity Head, SMC Capitals, talks about the IT stocks.

ET Now: What is happening at your desks: are people buying into IT, are you recommending them to buy into IT stocks, the large caps in particular?

Jagannadham Thunuguntla: That is a slightly contrarian bet. At 480-490, we had just given a contrarian view. For Wipro, maybe towards 530-540, but not more than that at this moment. Any move, any strength in currency should put pressure on these stocks. One should be careful about that. We are not that bullish on IT so soon.