There is an interdependency between them but not to the extent, that people considered it to be. Indian IT stocks have shown much resilience and hold their position better despite the sharp fall in the US market.
There are a few challenges to this sector 1. Attrition 2. Usd/INR 3. Fear of recession
In case of recession, it will be beneficial for western countries, they will outsource the workforce, which could ease the pressure on their margins.
Looking at the price structure and valuation of IT stocks, It seems to receive support at 8-10% below the current value.