Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If you look at the overall IT, we are not very convinced with the movement that is there and we expect that there could be a relative underperformance. Even on HCL Tech, there was about a one year consolidation that we saw from where it broke down and Rs 900 was a very important support from where the breakdown has already happened.""On the short-term chart, there is a move possible on the upside, but that would be restricted to Rs 880-900 zone from where short-term traders should again start to book profit around that zone. For investors, my recommendation would be to reduce positions. The overall view on IT does not seem to be that positive in the near term," he said."There was a multi-month consolidation in Apollo Tyres and Rs 155 was a very important support area from where we have already seen the stock breaking down and yesterday, we did have a follow-up selling as well. So, this is enough of a confirmation for this pattern to be in action. So, with that view, we expect Rs 105 as the target on the downside, given the fact that there is a medium-term breakdown that has happened on Apollo Tyres. One can keep a stop loss at Rs 150 which was the immediate swing low for Apollo Tyres."
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