IT will continue to underperform in May series: Thukral

According to Hemant Thukral, National Head of Derivative Desk at Aditya Birla Money, IT will continue to be a slightly underperforming sector in May series also.

Thukral told CNBC-TV18, “Technology is the only sector where rollovers are on the short side. I see the pressure to continue even as we enter May series. There will be some bounce backs, Infosys may revisit Rs 2,300-2,350 levels but at higher levels, you will continue to see selling pressure.”

“The rollover cost has come down clearly suggesting lot of shorts. Even a stronger stock like HCL Technologies has seen short rollovers. IT will continue to be a slightly underperforming sector going forward in May series also,” Thukral added.