Investors should take a contra bet in IT sector: Dharmesh Shah

“Again, if you look at the market breadth where 70% of the stocks are now trading above the operating average that again gives us the confidence that the current breakout should not get fizzled out in months,” says Dharmesh Shah, ICICI Securities.

Sectorally speaking we have seen quite a bit of breakout as far as the PSU banking names is concerned. Do you think that to be a structural change as far as the charts are concerned and what is your take on IT now?