Business
IT sector is expected to do well in upcoming days
Updated : Aug 15, 2018, 06:05 AM IST
We are expecting the index to correct towards 11350 in the ongoing week.
Sun Pharma, DHFL, Tata Elxsi and Bajaj Finance may continue their buying momentum in coming days too.
IT sector is expected to do well in upcoming days. We are witnessing ‘Channel’ breakout in the weekly chart of Nifty Pharma index, which is a positive sign.
Nifty has formed a bearish harmonic pattern called ‘Bearish Butterfly’ on the daily chart and the potential reversal zone of the same is placed at 11440-11500.
Pharma counters were in sportlight. A strong rally in select private banking scrips too supported the upmove.
Jay Purohit, technical and derivative analyst, Centrum Broking