Chart check: Nifty IT down 11% in April; Is it time to buy TCS, HCL Tech?

Overall, the Nifty IT index has declined 19 per cent from its historic peak of 39,446 recorded in early January, 2022. Charts indicate 31,000 to 30,000 as the accumulation range for the index.

The Nifty IT index is one of the biggest loser in April so far. The index has declined over 11 per cent from its recent highs of 36,800 and continues to drift lower amid the earnings season.

Among the index constituents, Larsen & Toubro InfoTech and L&T Technology Services plummeted over 21 per cent each, followed by Mphasis, Infosys and Tech Mahindra, which tumbled over 15 per cent each. 

Overall, the Nifty IT index has declined 19 per cent from its historic peak of 39,446 recorded in early January, 2022.

Prior to that, the Nifty IT index