Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Markets are in an uptrend. Even as we were moving up, pharma and IT were correcting and now interestingly while the broad market or the Nifty itself is going through a correction both IT and pharma stocks, at least for the short-term, are suggesting a bottoming out is going on."
"We buy IT and pharma. HCL Technologies is probably the strongest of the five IT stocks as of today for the short-term. Consider buying HCL Tech for a trade tomorrow. In the morning be a little patient and if it starts working today or tomorrow morning then hold it also for a couple of days till Friday," he added. "Divis Laboratories is coming out of a five month consolidation. It is a position trade. You should be able to buy and hold it for a couple of weeks and that should make money." "Sell Union Bank of India. It has been the weakest of the PSU banks and it is showing that weakness today also. I will assume at least as a follow-through tomorrow we should continue to see such weakness in some PSU banks."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
