Sudarshan Sukhani of s2analytics.com is of the view that Tata Consultancy Services (TCS) may slide towards Rs 1,500.
Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Tata Consultancy Services (TCS) has just begun a journey and which is surprising because it was as if TCS can do no wrong and we have had buy signals in the stock repeatedly. That seems to have come to a conclusion. It is now clearly and visibly overextended. Overextended stocks will come down and TCS has started the journey yesterday and it likely to persist."
"An immediate day trading short-term target is Rs 1,650, but that is only today's target or maybe for a couple of days. I would assume that a slide towards Rs 1,500 is very likely. This is the first of the IT stocks that will crack because the virtual vertical rally cannot be sustained and a similar decline is coming," he said.