Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "In Tech Mahindra we have got the confirmation that the character of the trend is now about to change. It has created a mega oversold on the weekly chart which ideally means that the uptrend that was going on at Tech Mahindra will now try to either move sideways or there might be some kind of correction. So this is one stock that I would like to stay away from for a while."
"But Infosys is a great performer; I would like to get in whenever the price corrects. Pharma is the right now the king of the sector so it is doing phenomenally well. I still see a lot of breakouts happening in pharma stocks. Dr Reddy's Labs is trying to produce a breakout today. Biocon has produced a breakout from a trend-line today. So, I think pharma is something that I would like to continue being bullish on right now," he said.
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