“The recent three-day bounce in Nifty IT was unconvincing and feeble, leading to more investors unwinding long positions due to risk-averse sentiment. As long as the index stays below 31,500, it is likely to remain a 'sell on rise', with a potential for another 8-10% downside from current levels.”

Rupak De’s track record (trackable calls only): 11 graded calls · 95% CI 15–65%