ICICI Sec Sees an Upside of 14% in HCL Technologies

The technology space has shown significant resilience in the last couple of months amid broader market volatility. ICICI Securities believe the sector is poised for the next round of upsides after a round of consolidation. HCL Technologies has retraced back to Rs 800 levels after making lifetime highs near Rs 900 in October. “As long positions are still intact in the stock, we believe it will resume its upward momentum in the short-ter,” says ICICI Securities in its report. The brokerage gives a ‘buy’ rating to HCL Technologies with a target price of Rs 980 and a time frame of three months. The brokerage recommends buying in the range of Rs 820- Rs 840.

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