Sushil Kedia of Director-Quantitative Strategy, CIMB told CNBC-TV18, "IT have had been sort of a safe space in last one week. However if the focus is about next one week or 10 days then there is nothing much really left in them. I would like to wait for the behaviour next week. If indeed the CNX IT closes lower by 3-4 percent from where it closed then there may be a sell signal."
He further added, "I would like to reserve my opinion, but in terms of defensives on a trading time frame or even in a one-month time frame Hindustan Unilever (HUL) has come off quite a lot. It has not participated in this last 10 percent Nifty upmove. It has started showing technical signs of good rebound coming up from here by 10-15 percent. Even ITC may join in that."
"From the pharma pack, the defensive stocks that I am looking to have a buy signal on in the next couple of days is Cipla. Infact from all the list of F&O stocks I don’t find many buying ideas. Different timeframes, different outlook - so, the next 10-15 days there are very few selective stocks that may produce any sustainable rally while next couple of days there should be some small rebound because there has been already a nice large fall," Kedia said.
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