Wipro may dip to Rs 520-510: Anuj Jain

Anu Jain of IIFL-Private Wealth Management told CNBC-TV18, “Bank Nifty is not contributing to the fall, it is basically CNX-IT, pharmaceutical and fast moving consumer goods (FMCG) which is contributing. CNX-IT which is closer to about 11,000, it is below 200-day moving average (DMA), if it doesn't take support at 10,900 odd you could probably see a little more fall coming out there.”

“Individually if you were to look at stocks out here, Tata Consultancy Services (TCS) is in Rs 2,400-2,600 zone, it is at about Rs 2,450 odd. So it is close to support but not broken it. Wipro at Rs 540 basically could drift down to Rs 520-510 and that is the kind of weakness it is showing, results were also a disappointment like TCS.”

“Infosys closed at Rs 1,947, it has got support levels at Rs 1,900 but if it were to break those Rs 1,900 levels then you are looking at Rs 1,820 levels. So what I am trying to say is the crucial bigwigs of the IT sector are close to supports, the trendline has been breached, there is a good chance that there should be slight pullback. In that slight pullback, can that trendline sustain that level is important else you will have at least 3-4 percent cut on all of these stocks going up to 6-7 percent out of which I think Infosys is at the highest risk right now,” she said.