HDFC Bank looks set for making a new high, according to the technical charts, and HDFC could face resistance around Rs 2200, Jai Bala of cashthechaos.com said in an interview with CNBC-TV18.

He says the IT Index still has a lot of steam left, and could touch 23,000 near term. However, he added that it was prudent to wait for a pullback and allocate fresh money only on a correction.

Jai Bala sees 24,828 and 25,250 as key resistance levels for Bank Nifty. On pharma, he says a level of 11,000 on the Pharma index is the right time to be putting money.

He said the Nifty had lost momentum in its journey to 12,000, and while it could climb further to 12,300, he advised investors to partly book profits.