Contra bets in HCL Tech and Wipro could give up to 20% gains; Here's why

If Wipro fails to defend the 200-WMA placed at Rs 378, the stock can slide to near Rs 300-mark. On the other hand, HCL Technologies seems to be on course to test Rs 1,200.

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Avdhut Bagkar Mumbai
Shares of HCL Technologies and Wipro on Thursday witnessed a diverse trend, after the IT companies announced contrary Q2 earnings and revenue guidance. HCL Tech opened gap-up and surge to a 13-week high, while Wipro slipped to a fresh 52-week low on robust volumes. 

HCL Tech beat Street estimates with a 7 per cent rise in consolidated profit and firmly raised the revenue forecast for FY23. The short-term and medium-term growth prospects remain optimistic for HCl Tech. READ MORE

Whereas, Wipro failed to cheer investors as their profit dipped in the second quarter. The company registered 9.6 per cent decline in its net profit attributed to employee expenses and sluggish growth in non-US markets. It's future outlook too

First Published: Oct 13 2022 | 11:45 AM IST

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