Mar 05, 2013, 04.12 PM IST
Amit Harchekar of IIFL is of the view that, Infosys is expected to come down to the levels of Rs 2650-2700.
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Infosys may decline to Rs 2650-2700, says Harchekar
Amit Harchekar of IIFL is of the view that, Infosys is expected to come down to the levels of Rs 2650-2700.
Like this story, share it with millions of investors on M3
Infosys may decline to Rs 2650-2700, says Harchekar
Amit Harchekar of IIFL is of the view that, Infosys is expected to come down to the levels of Rs 2650-2700.
Harchekar told CNBC-TV18, "Real estate and metals are looking very good shorting candidates. If we look at stocks like Housing Development Infrastructure (HDIL) and Indiabulls Real Estate they have already taken out a crucial supports and every rallies are met with selling pressure. So there have been lot of people which are stuck at higher levels so they have ideally become good shorting candidate."
He further added, "Looking at metals Tata Steel is struggling to move beyond Rs 345-350. Once it approaches that resistance level that can be shorted with a stop loss of Rs 360. I am expecting Tata Steel to test levels of Rs 320."
"The main contender of the last leg of decline is IT stocks. We have already seen good outperformance from Infosys , HCL Technologies . However if market has to bottom out these defensives should give up their gains and I am expecting Infosys to come down to levels of Rs 2650-2700. So I am not expecting Nifty to go below 5550 and once this correction is over around 5640 I am expecting Nifty to touch 6000 levels in last week of March.
highlights
- No case to revise direct tax rates, slabs
- Super rich tax: 10% surcharge on income above Rs 1 cr
- Modified provisions under GAAR effective April 1, 2016
- No change in standard rate of excise duty, service tax
flashes
- FM speaks to CNBC TV18
- Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
- Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
- Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
InterpretationS
- GAAR-Presumes tax benefit unless proved contrary
- MFs covered for deductions u/s 80CCG
- Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
- ED on readymade garments exempted: positive textile sector
SECTOR IMPACT
Select Sector to see impact
- Auto - Cars & Jeeps
- Auto - LCVs/HCVs
- Banks - Private Sector
- Banks - Public Sector
- Cigarettes
- Computers - Hardware
- Computers - Software - Training
- Construction and Contracting - Real Estate
- Electricals
- Engineering - Heavy
- Finance - General
- Finance - Investments
- Infrastructure - General
- Leather Products
- Media & Entertainment
- Mining/Minerals
- Miscellaneous
- Personal Care
- Pesticides/Agro Chemicals
- Power - Generation/Distribution
- Refineries
- Shipping
- Sugar
- Textiles - Denim
- Textiles - General
Textiles - General
18:52 pm
Exice Duty on readymade garments exempted +ve for textile sector
TAX AND YOU
Salaried Person
REACTIONS
reaction on: Policy
Naina Lal Kidwai
Country Head | HSBC India
reaction on: Business
NK Jain
Vice-chairman | JSW Energy
reaction on: Markets
Mukesh Kumar
Head - Strategic Planning | HDFC ERGO General Insurance
reaction on: SME
Snehdeep Aggarwal
Founder & Chairman | Bhartiya International
reaction on: Policy
Sanjay Sanghvi
Partner | Khaitan & Co
What got Cheaper / costlier?
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