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.

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