Nifty IT hits multi-year lows: Is it safest to buy the dip now?

Indian markets show mixed signals as the Nifty IT index hits multi-year lows, sparking bargain hunting. While technical indicators hint at stabilization, derivatives data suggests caution, with potential for tactical short-covering rather than a sustained trend reversal. PSU banks face continued selling pressure, with analysts advising a cautious approach. Investors are eyeing specific stocks like Sumichem and Azad Engineering for potential upside.