IT stocks were seen trading in oversold zones at current levels; despite this technical charts suggest that Infosys, TCS, HCL Technologies and Tech Mahindra could slip up to 13% from here on.
The US debt has doubled in the last 15 years, and stands at $36.2 trillion, of which one-fourth of is due for refinancing in the current calendar year. According to a report on US Wealth Management, a major concern for investors is not just about the growing level of US debt, but how the higher interest rate environment affects debt repayment. Back home, the IT sector tends to be directly impacted by developments in the US.
On the downside, the stock seems headed towards Rs 1,350 - wherein stands the 20-MMA (Monthly Moving Average); below which a dip to Rs 1,270 cannot be ruled out.
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