Ahead of Q1 results: Sell-off in IT stocks not over yet; TCS can fall 14%

Shares of major IT stocks are trading near key support levels, if that breaks a severe downside seems imminent, indicate charts.

Shares of Information technology (IT) companies are likely to be in focus as they set foot to announce quarterly results starting with Tata Consultancy Services (TCS) this week. The Tata-Group IT services and consulting major - TCS is scheduled to announce its results on Friday, July 08.

In the recent market rout, IT stocks have been badly hit with TCS down almost 18 per cent from its historic peak recorded in January 2022. Among others, Mindtree has plunged 43 per cent. L&T Technology Services and Wipro have tumbled around 50 per cent and 43 per cent, respectively, from their all-time