Sukhani told CNBC-TV18, "Technology was the game and those who did go in Infosys before the results should have been very pleased. What is happening is that the big IT majors have already given signs that they are bottoming out which is why we were upbeat on CNX-IT on individual components."
He further added, "Now the midcap IT sector is giving the same impression, so we should be going into it. It is a sector generic sort of pattern, it is not just in Geometric . Geometric has made sort of a messy head and shoulder pattern, which is a basing pattern; it has broken out of that. These patterns are primarily reversal patterns, so they are telling us that the big downtrend in technology stocks is now getting reversed."
"Today I think there should be some follow-through in the midcap side because the large cap ones have already run up and because the patterns tell us that the midcap is now ready to move up. So it is not only Geometric, I think traders should focus on the midcap IT sector, which is just beginning to show signs of life."
"I think Sintex Industries is good for more. It has come in our buy list earlier for the simple reason that it is probably building a base. It is a long-term base which means its bear market is coming to an end. That does seem the suggestion now and the first signs of life are coming there."
"A breakout on Friday, that breakout just was preceded by a bullish pattern, so I would assume that this breakout will have follow-through. In case of Sintex there is no need to rush into the buying spree in the morning itself. Day traders should watch patiently. If you get an intraday consolidation or an intraday dip that is a perfect location to go long in it. There is more upside here. Whether the upside comes today or tomorrow is something we cannot exactly predict, but we should be in this stock."
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