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HCL Technologies shares saw cautious gains on Thursday, as investors waited for the country's third-largest IT services company to report its quarterly financial results. The HCL Tech stock rose by Rs 10.1 or 0.9 percent to settle at Rs 1,099.6 apiece for the day, having moved within a Rs 23.7 range around the flatline amid choppy trade.

What to expect from HCL Tech

Analysts in a CNBC-TV18 estimate the IT company's profit at Rs 3,334 crore for the period between January and March, a sequential decline of 3.1 percent.

However, they expect revenue in rupee terms to increase 1.7 percent on a quarter-on-quarter basis, and that in dollar terms to rise 1.3 percent.

Here's what experts make of HCL Tech ahead of the earnings announcement:

Rajat Bose of rajatkbose.com believes HCL Tech has broken all of its support levels and can go down further.

"I suggest at any rally or at current levels, one should seek an exit unless, of course, you are a very long-term investor. This sector is now under a cloud," he said.

He expects more downside in the IT space in the immediate future, followed by consolidation or further upside.

Parthiv Shah of Tracom Stock Brokers sees headwinds to the business models of HCL Tech.

He believes levels around Rs 900 will be a good area to add the stock to the portfolio.

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(Edited by : Sandeep Singh)

First Published:Apr 21, 2022 11:46 AM IST