CNX IT and Pharma to help Nifty hold 8350 levels: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his views on markets. Excerpts:

ET Now: How trade has panned out today and what do you think tomorrow is going to throw up?

Ashwani Gujral: It appears clear that pharma and IT both of which were correcting will possibly move higher. Banks may remain flat and in that scenario the market can move up albeit a bit slowly but it appears for the moment, 8350 is safe and maybe we could have a couple of positive days from here with IT doing very well and the other stocks just ambling along because what this market basically needs is that the moving averages need to catch up. So either they can catch up by the market correcting downwards or by the market staying flat. The more you stay flat, the more the confidence of the markets remains good. So if we can come out of this by just being flat and IT outperforming that would not be such a bad outcome. For tomorrow as well, I believe that pharma and IT should workout but there would be a few other sectors which could play supporting roles.