Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "IT was in a bull market and it is difficult to make a call whether the bull market is over. It is certainly stalling and a sharp and deep correction is in the offing. For short-term traders that deep correction is tradable on the downside and that seems to be coming true in October."
"All the five major IT stocks and that includes Tech Mahindra now are all mildly bearish. The only one that is an exception and should be bought on dips is MindTree. The charts are excellent. It has not topped out yet. There is probably more upside," he added.