Infosys can slip below Rs 1,000 levels; TCS can hit Rs 2,900, charts show

Nifty IT index may fall up to 3 per cent post hitting a new 52-week low, trend turns bearish.

Nifty IT index hit a new 52-week low on Monday post Infosys and Tata Consultancy Services delivered lower-than-expected quarterly earnings, missing street estimates.  The index plunged over 6 per cent in the early trades, with Infosys locking in 10 per cent lower circuit and Tata Consultancy Services tumbling 4 per cent.

All of the constituents in Nifty IT index tumbled over 3 per cent, with LTIMindtree and Persistent Systems losing the most by plummeting nearly 10 per cent. 

Shares of Mphasis and Wipro also slipped to fresh 52-week lows on Monday. 

Thus, will this Q4FY23 results push IT stocks in