Indian IT firms face near-term challenges due to subdued US consumer confidence and cautious spending, particularly in the retail sector. While e-commerce and promotions offered some support, overall demand remains muted with uncertainties affecting discretionary and project-led IT spending. Despite near-term caution, underlying demand is viewed as structurally intact for the medium term, contingent on improved economic visibility. Antique Stock Broking has identified three top stock picks amidst these headwinds.