Infy, TCS, LTIM: Pivot levels to track on IT stocks as Fed readies rate cut

The NSE Nifty IT index has taken a sharp hit, and was down 3 per cent to 42,200 levels on profit-taking in intra-day deals on Wednesday just hours before the US Federal Reserve policy decision tonight. In comparison, the NSE Nifty 50 index was seen trading on a flat note at 25,400 levels.

In the process, the Nifty IT index had dipped below its 20-DMA (Daily Moving Average) for the first time since the breakout on August 18, 2024.