In the last 3-4 months NIFTY IT index is a significant under-perfomer with respect to nifty. We also had a overvalued rating in NIFTY IT due to the nature of open gaps in the index. NIFTY IT is currently in the consolidation phase between 10750-11800. RRG Charts suggests short term out-performance could continue for some time as NIFTY IT sector is currently falling under the leading quadrant