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Technical Analyst, Sudarshan Sukhani is of the view that one can ignore banking sector.

“For ICICI Bank I think the idea is good; you cover your shorts because in any case we are seeing some kind of a relief rally and the chances are there. But that doesn’t mean that the decline is over, banks are looking terrible, most of the PSU banks are now on the verge of significant downside breakdowns, while the private sector banks have already broken down and the bank index has broken down. So, this sector as such should be ignored or sold on rallies, as a trader ICICI Bank should be covered for now.”

He further added, “Rolta is part of the midcap IT sector, which has all of a sudden got battered. But the surprising thing is that the CNX IT as such suggests that it is coming very close to long-term 7-year support. So, I would think that aggressive traders and aggressive investors should be looking to buy these, rather than to sell them in IT.”

Disclosure: Analyst has delta neutral positions in Nifty and investments in shares.

Source : MoneyControl

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