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We recommend a buy in HCL Infosystems at the current price of Rs 217.6. After forming a triple bottom pattern spanning a year between May 2006 and June 2007, the stock broke through the neckline at Rs 175 in June. It then moved sideways between Rs 175 and Rs 210 for more than two months before recording a break-out on September 5. We note that the stock has been rallying steadily since then backed by good volumes. The daily momentum indicators are signalling a buy.

The immediate support for the stock is at Rs 210. Shortterm investors can buy HCL Infosystems in corrections with a stop at Rs 210. We expect the stock to move up to the target at Rs 260 in the short-term, with a minor pause around Rs 240 level.

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