Prepare for a positive surprise in IT stocks & be careful in metals? This is what Rohit Srivastava has to say

economictimes.indiatimes.com:

Rohit Srivastava, Founder, Strike Money Analytics & Indiacharts, says “will look for opportunities on the sell side as and when markets turn higher. The easy segment to target there is the weakest one, which has been financials, in terms of not performing that well on the upside. Of course, they have not fallen like the IT sector. But because the IT sector has already fallen a lot, it would not be the space to look for shorting opportunities right away. But in banking, once there is a bounce over the next one to two days, I will look for opportunities across the stocks based on what the setups are.”

Is this recovery something that we should be excited about and believe that a floor has been made or is there still time to perhaps factor that in?
Rohit Srivastava: This might just be a counter trend bounce which means it is just a retracement of the fall that we have seen over the last five days and possibly there could be more downside risk in the days ahead because what appears to have started as a sell-off in global equities on the back of rising bond yields, I do not think that trend is completely over. It makes me think that further pressure will build up in the days to come but we did get extremely oversold in a very short term and a one- to two-day bounce back is a good thing to relieve that very short-term pressure. Overall, this remains a sell-on-rise market and we will see lower levels in the days ahead.

What about the strength that we have seen in the metal counters? It has been going very well, individual