Indian independent analyst Anand Tandon believes it is difficult for large IT companies to create a significant niche that will move the needle overall. While smaller niches, such as travel, may continue to report positive numbers, Tandon argues it is unlikely such niche firms can outlast an overall downswing in terms of valuations of the sector. Meanwhile, he sees a similarly challenging scenario for the auto ancillary space, with the world market "not exciting" and weak US order books causing Bharat Forge to suffer. Explaining he prefers to look at OEMs directly, Tandon recommends buying front-end auto companies.