Stock Radar: Down over 20% from highs! This IT stock is showing signs of bottoming out; time to buy?

The IT stock hit a 52-week high of Rs 6,442 on January 5, 2024, but failed to hold the momentum. It closed at Rs 4,721 on April 23, 2024, which translates into a fall of over 26%. It has remained flat from a 3–6-month perspective, largely in line with the selling pressure seen in the IT index. The index has fallen over 7% in the last 3 months but rose a little over 10% in a 6-month time frame.