Prefer IT stocks, says Ashwani Gujral

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Given the kind of declines you have on these IT stocks, they will consolidate as they move higher but chances are that 4-5 percent on the index that was not a flash in the pan and certain people have turned bullish. Now, you can’t see day on day follow through but definitely IT from an avoid or a sell now has turned into a buy.""The more interesting bit is the Bank Nifty. The Bank Nifty was down for about 7-8 sessions in a row. All of these private banks have been down for 7-8 sessions continuously. Now, how long can these ‘bluechip’ private banks be beaten up that remains to be seen because generally when you have this sort of 7-8 days of upside or downside, that is probably often the final wave of selling.""So, whenever these guys turnaround, I think the market is likely to move higher and that is where the positivity comes from that the downside on even private banks is now getting limited," he said.