On May 11, the Nifty IT index experienced a significant decline of 3.33%, reaching an intraday low of 28,351. This drop followed OpenAI's announcement of the OpenAI Deployment Company, which aims to assist organizations in building and deploying AI systems. Investors are concerned that OpenAI's shift from software provider to full-service consultant may threaten India's major IT firms. Year-to-date, the Nifty IT index has fallen nearly 25%, in contrast to an 8.85% decline in the benchmark Nifty50 index. Major companies such as Persistent Systems, Infosys, and Tata Consultancy Services saw their shares drop over 3%. Technical analysts indicate that the index has reached a two-year low, with immediate support at 28,288. A breach below this level could lead to further declines towards 26,184. Despite the current downtrend, analysts suggest the possibility of a short-covering rally in the near term, as the index has entered oversold territory.