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

Nifty has rallied for four straight weeks but faces resistance at 24400-24600, with near-term support at 23800. Nifty IT touched fresh multi-year lows but is showing bottom-fishing signals such as a Morning Star pattern, though sustainability hinges on a close above the 28200 resistance zone. PSU Banks remain technically weak with a bearish Marubozu candle and around 70 percent of constituents carrying net short positions, leaving the index vulnerable to a drop towards 8250; Bank of Baroda, PNB, Indian Overseas Bank and Indian Bank are flagged as particularly exposed.