Nifty rangebound; prefer auto, IT, cement space: UTI MF

UTI Mutual Fund is overweight on auto, cement and IT sector and remains bearish on real estate for the long term, says Lalit Nambiar, Fund Manager of the firm. Speaking to CNBC-TV18, Nambiar says IT space is likely to get positive tail winds on the back of currency movement going forward.On pharma sector, he says the Indian companies have to "continue living with the US Food and Drug Administration norms" and constantly improve the quality of medicines. Meanwhile, he says the government is addressing the issues related to public sector banks and advises traders to remain cautious before investing further in private banks.Watch video for more..