Expect Cipla, Sun Pharma to head lower: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "We have seen most of the pressure coming in from the IT stocks. Some of the IT stocks have given breakdowns. I have been very bullish on the pharma sector. The correction that pharma has seen over the past one or two weeks, has created a mega oversold on the daily charts which means that this is a major correction that has happened in pharma and this can lead to further correction."

"Cipla has broken down from an uptrending channel and it has given a kind of a mega oversold again. So, Cipla will fall further. In Sun Pharma I see further fall. Dr Reddy' Labs has created a breakout failure. So, overall I see a lot of pain happening in pharma primarily," he said.