Jai Bala of 1857 Advisors told CNBC-TV18, "CNX IT index is coming off a very important support at 10,800. We have seen a couple of bounce from that level. My view was that the IT sector is going to oscillate between the March highs and September lows but barring a couple of stocks within the space HCL Technologies and Infosys are positive here. I don't have much positive view for the other stocks within this space but I wanted to see HCL Tech correct slightly below Rs 800 but it started bouncing much before that but if it were to have dropped below Rs 800 it would have been a good bet.""You shouldn't mind a 5-7 percent aberration if you are a medium term investor. So, HCL Tech is positive within the space. I am looking at record highs, but before it does that we could see much more back and forth price action before the stock takes off. So, be prepared for a back and forth price action. It will not be an immediate moving stock that we could see a little more chop and let it work that chop out and we can look at positioning ourselves in those two stocks, Infosys and HCL Tech," he said.
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