IT is likely to be under pressure: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, talks to ET Now on various stocks.

If I check on the last one year movement in Infosys, TCS, Wipro and HCL Technologies, TCS has been a marked outperformer. Do you think in the near term TCS has potential to outperform Infosys?

Both of these stocks will definitely perform in the market from the short term. While it is difficult to compare one on one purely because yesterday's data point will distort the picture but the entire IT pack along with the crack down which happened in Infosys yesterday and TCS day before yesterday, actually TCS was the first to correct day before yesterday.

We highlighted that point earlier. Both these stocks have gone into a short term corrective mode. So IT is likely to be under pressure and we saw that as much yesterday. The CNX IT was down about 5% to 6% while the Nifty held on to its ground very very firmly compared to the CNX IT.

So that is the trend which could last for at least 3 to 4 weeks and in the entire results season looking at the chart of HCL Technologies or TCS or a Wipro, Infosys results are already out of the event list but all these 3 stocks before their results have already gone through a significant crackdown which means we might see these stocks underperform for the next 3 to 4 weeks easily possibly even for some more time.