Correction to continue in IT and pharma: Ashwani Gujral

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

ET Now: IT and the pharma stocks have corrected, do you think the index goes down further and do you think these are the indices which take the index down further?

Ashwani Gujral: Some correction has started in IT and pharma, since that is where people have the most amount of profits. Chances are you can take a lot of flab off. While it remains only a correction, chances are it will continue.

As far as calls right now are concerned, BPCL is a buy with a stop of 670, target of 710; Just Dial is a sell with a stop of 1660, target of 1600 and Jubilant Food is a sell with a stop of 1240, target of 1180.