Correction in midcap IT provides a good entry point: Nilesh Shah

Nilesh Shah of Envision Capital views the recent correction in the midcap IT space as a good opportunity to enter, especially to investors who didn't have a good measure of investment in IT. In an interview to CNBC-TV18, he said: "Some of the Tier-II companies, which essentially are doing extreme cutting edge work, will see higher growth rates over the course of the next 2-3 years."

His remarks come at a time when the IT sector has taken a backseat in 2022 so far, after outperforming the market for much of 2021.

One sector that has largely remained insulated from the fallout from the COVID-19 pandemic is the IT space. It has only grown exponentially, as companies spearheaded the much-needed scale-up while riding the digital wave.