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The Economic Times

Nikhil Agarwal

Nifty IT hits multi-year lows: Is it safest to buy the dip now?

Nifty PSU Bank Azad Engineering PSU Banks India

The Nifty IT index has plunged to fresh multi-year lows, triggering aggressive bottom-fishing. While technical patterns like a daily Morning Star and constructive weekly MACD indicators suggest early trend stabilization, derivatives data remains mixed. With nearly 60% of tech stocks still carrying week-on-week short additions, Anand James, Chief Market Strategist, Geojit Investments warns this could be a tactical short-covering rebound rather than a sustainable trend reversal.

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