1) Information Technology stocks have been under pressure for last few days as institutions churn portfolios and move from defensive sectors like IT to high beta sectors such as Banking, Real Estate and Infrastructure.
2) Hexaware though, has bounced back from lows of Monday to close up 2%. Open Interest has gone up by 5%. 150 and 160 Strike Price Calls have seen unwinding indicating the strength in the stock.
3) Trading Volumes and Delivery Volumes have gone up by around 2 times and 1.3 times respectively from its 1 Week average.
4) On the technical charts, one may seen a break out after consolidation around 154 on Monday. The resistance can be seen around 163 Rs.
5) On the daily charts, one may see that momentum still exists.
6) Hence, one may buy Hexaware around 157 Rs with stop-loss at around 152 and target levels of 163.
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