Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If you look at the set up of Tata Consultancy Services (TCS) it has been something which has started to relatively underperform. Long time back with we did see that CNX IT had a very secular trend but the recent movement is indicating that there could be some more 8-10 percent correction that we can expect overall on the IT space. So, with that view, if you look at the chart pattern in TCS, Rs 2,450 was a very important support long time back which got broken down." "The recent pullback that we have seeing has again re-tested that level and fell from there. So, this is indicating that the breakdown that took place sometime back is very much in action and that is the reason we are expecting a new low in coming two to three weeks, We are recommending to take a short call there for a target of Rs 2,260 and a stop loss for this trade can be at Rs 2,410," he added.
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