IT space looks positive, says Jai Bala

Jai Bala of 1857 Advisors told CNBC-TV18, "We need one or two more sessions to get convinced that IT sector is heading higher. IT sector has gone through a full lifecycle of an upmove from the 2013 lows. It could be bound for a sizeable correction. It does look like it is going to extend further and head higher."

"Infosys is giving a very positive message but let me just wait for one or two more sessions of price action to come through from rest of the stocks like Tata Consultancy Services (TCS), Wipro and HCL Tech. It is look positive at the moment but I want further confirmation from the market," he said.