Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "The pharmaceutical index is bottoming out. It has gone through its bear market and possibly once the market comes out of this decline, pharmaceuticals will lead. But for IT, 10,000 is acting as somewhat of a support. I do not think this support will lead to great rallies, but pull-backs of 1.5-2 percent, those sort of pull-backs like we saw on Infosys the other day is possibly. But downside still remains open on IT. This decline in pharmaceuticals should be bought. Sun Pharmaceutical possibly will get back towards Rs 900-950 at some point. Infosys, on the other hand, will drop below Rs 1,000 at some point.""Whether or not this merger happened or did not happen, chances are that Vedanta will go down, as well Cairn India. So, you can still short and probably find Rs 125-130 coming on Vedanta soon," he said."Reliance Capital has had a very sharp rally, very overextended. If it can come below Rs 520, that would be a good buying zone at least to the 20-day moving average. So, for the moment, any sort of rallies, even on good news, chances are may get sold into. So, not a great risk reward for Reliance Capital now."
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