Equity Alert: IT cos up on weak rupee, value buying; may rise more

[K.Karthik Raja]

Equity Alert: IT cos up on weak rupee, value buying; may rise more

Equity Alert: IT cos up on weak rupee, value buying; may rise more
MUMBAI--11:20AM--Technology shares were up as rupee weakened
further
against dollar, dealers said.
At 11:19AM, the Indian currency was trading at 42.86 per $1, down
12
paise from Wednesday.
Some value buying after the sector's 6% fall in the past three
sessions
also aided the rise in IT shares, they said.
HCL Technologies and Satyam Computer Services were up nearly 4%
each,
while Infosys Technologies and Tata Consultancy Services gained 3% and
2%,
respectively. Wipro was flat.
Dealers said the stocks could gain further, with resistance for
Infosys
and Satyam at 1,950 rupees and 512 rupees, respectively.
"HCL can rise up to 306-307 rupees intraday and stop-loss should
be at
296 rupees," said a technical analyst. He said TCS has support at 964
rupees
and faces resistance at 987 rupees.

[K.Karthik Raja]

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