After a rebound, Nifty IT likely to break below 26,200 in 2023: Laurence Balanco

“The longer term conclusion is this is just a relief rally or bear market rally rather than the ultimate low for the Nasdaq. In the first half of 2023, we expect a re-break of the June and September lows that we are trying at currently. There is an ongoing downtrend. The Indian IT stocks after forming pretty significant peaks in the first half of this year, would be limited to a rebound back to those breakdown areas before the downtrend resumes.”