TCS, CDSL & RVNL: What ICICI Securities' Jay Thakkar says on these 3 stocks
Commenting on recent layoffs at Tata Consultancy Services (TCS), the market expert said the move signals that the company is not expecting any meaningful business recovery for the next few quarters.
- Jul 28, 2025,
- Updated Jul 28, 2025 1:21 PM IST
Indian markets remained under pressure in Monday's trade, dragged down by heavy selling in banking, IT and financial stocks. Weighed down further by persistent foreign fund outflows and weak global cues, benchmark indices BSE Sensex and NSE Nifty were trading in the red.
Jay Thakkar of ICICI Securities believes domestic benchmarks may continue to remain volatile in the near term. He identified 24,600 as a strong support level for Nifty50, while pegging 56,000 as key support for the sub-index Nifty Bank.
Sharing his technical outlook on Central Depository Services (India) Ltd (CDSL), Thakkar said that Rs 1,600–1,650 will act as a stiff resistance zone for the stock. "Till the time the stock is trading below these levels, it can test Rs 1,400–1,200 levels. The overall trend remains negative unless the counter breaches Rs 1,600–1,650 levels," he told Business Today.
The market expert also offered insights into the broader IT sector, which he believes has been under pressure due to global tariff tensions and uncertainties around artificial intelligence (AI) adoption. This, he said, continues to weigh on sentiment and earnings visibility.
Commenting on recent layoffs at Tata Consultancy Services (TCS), Thakkar said the move signals that the company is not expecting any meaningful business recovery for the next few quarters. "If business is going to take a hit, then margins are likely to come under pressure. So, while one may consider accumulating the stock at lower levels, lump-sum buying is not advisable at this stage," he noted.
He also stayed cautious on Rail Vikas Nigam Ltd (RVNL), noting that the stock appears weak on technical charts. "One should be exiting this stock as it may slip towards Rs 315–300 levels in the near term," Thakkar said.
Indian markets remained under pressure in Monday's trade, dragged down by heavy selling in banking, IT and financial stocks. Weighed down further by persistent foreign fund outflows and weak global cues, benchmark indices BSE Sensex and NSE Nifty were trading in the red.
Jay Thakkar of ICICI Securities believes domestic benchmarks may continue to remain volatile in the near term. He identified 24,600 as a strong support level for Nifty50, while pegging 56,000 as key support for the sub-index Nifty Bank.
Sharing his technical outlook on Central Depository Services (India) Ltd (CDSL), Thakkar said that Rs 1,600–1,650 will act as a stiff resistance zone for the stock. "Till the time the stock is trading below these levels, it can test Rs 1,400–1,200 levels. The overall trend remains negative unless the counter breaches Rs 1,600–1,650 levels," he told Business Today.
The market expert also offered insights into the broader IT sector, which he believes has been under pressure due to global tariff tensions and uncertainties around artificial intelligence (AI) adoption. This, he said, continues to weigh on sentiment and earnings visibility.
Commenting on recent layoffs at Tata Consultancy Services (TCS), Thakkar said the move signals that the company is not expecting any meaningful business recovery for the next few quarters. "If business is going to take a hit, then margins are likely to come under pressure. So, while one may consider accumulating the stock at lower levels, lump-sum buying is not advisable at this stage," he noted.
He also stayed cautious on Rail Vikas Nigam Ltd (RVNL), noting that the stock appears weak on technical charts. "One should be exiting this stock as it may slip towards Rs 315–300 levels in the near term," Thakkar said.