Technology-laced US-based NASDAQ tumbled over 3 per cent in trades on Monday, dragged by a massive fall in AI (Artificial Intelligence) giant NVidia shares, which cracked as much as 17 per cent. The sharp fall in NVidia shares saw it market value erode by nearly $600 billion in a single day. The fall in US-based chipmakers stocks was attributed to the emergence of low-cost China-based AI start-up DeepSeek. According to reports, DeepSeek assistant had overtaken US rival ChatGPT in downloads from Apple's app store post the launch last week. Reports stated that China's DeepSeek free AI assistant uses less data at a fraction of the cost of incumbent services. Analysts at UBS recommends, investors should stay calm and take advantage of extreme volatility through structures and buy the dip in quality stocks. Here’s how leading brokerages and experts have interpreted the development. READ MORE Back home, on the bourses, the Nifty IT index rose around 1 per cent as stocks bounced back from the previous day's sell-off. At 10:30 AM, the IT index had pared gains and was up 0.3 per cent around 42,200 levels led by gains in Infosys and TCS. Meanwhile, can the sell-off in the US IT stocks impact sentiment at Indian tech shares? Here's what the technical charts suggest. Nifty IT Current Level: 42,200 Downside Risk: 5.7% Support: 41,700, 41,150, 40,700 and 40,450 Resistance: 43,000 The Nifty IT index has been hovering below the short-term moving averages for more than a month now. Charts indicate that the index seems on course to test its medium-term support around the 40,000-mark; below which a dip to 39,800 seems likely. Interim support for the index can be expected around 41,700, 41,150, 40,700 and 40,450 levels. In order to negate the prevailing tepid sentiment, the Nifty IT index will need to cross and sustain consistently above 43,000 levels. CLICK HERE FOR THE CHART ALSO READ: Nifty fall since October 2nd biggest in 10 years; 16 stocks tank over 20% Infosys Current Price: Rs 1,843 Downside Risk: 7.2% Support: Rs 1,775; Rs 1,740 Resistance: Rs 1,885 The near-term trend for Infosys is likely to remain tepid as long as the stock trades below Rs 1,885. On the downside, the stock can possibly slide to Rs 1,710, with interim support placed at Rs 1,775 and Rs 1,740 levels. CLICK HERE FOR THE CHART TCS Current Price: Rs 4,041 Bias: Range-bound Support: Rs 3,940 Resistance: Rs 4,150 and Rs 4,230. TCS stock has been gyrating around its 200-DMA (Daily Moving Average) for more than a month now. The stock is likely to trade in a broad range of Rs 3,875 to Rs 4,350; with interim support seen at Rs 3,940 and hurdle at Rs 4,150 and Rs 4,230. CLICK HERE FOR THE CHART ALSO READ: Can Budget 2025 trigger a rally in rail stocks? Tech view here HCL Technologies Current Price: Rs 1,714 Downside Risk: 13.7% Support: Rs 1,665; Rs 1,650 Resistance: Rs 1,835 HCL Technologies seems headed towards its 200-DMA in the near-term, which stands at Rs 1,650; with near support at Rs 1,665. However, given the negative cues from key momentum oscillators the stock could slide towards Rs 1,480 in the coming trading sessions. The overall bias for the stock is likely to remain negative as long as it trades below Rs 1,835. CLICK HERE FOR THE CHART Tech Mahindra Current Price: Rs 1,650 Downside Risk: 6.4% Support: Rs 1,660; Rs 1,610 Resistance: Rs 1,715; Rs 1,775 Tech Mahindra stock is seen testing support around its 50-WMA (Weekly Moving Average), which stands at Rs 1,660 and coincides with the 100-DMA. The stock has held above the 50-WMA since May 2024. Break and a weekly close below the same shall trigger a fall towards Rs 1,545. Interim support for the stock exists at Rs 1,610. The upside for the stock for now seems capped around Rs 1,715 and Rs 1,775 levels. CLICK HERE FOR THE CHART