MTECHTIPS:-CNXIT
The Technology index witnessed further upside as key Technology stocks gained from intraday lows after correction in the last few sessions. The major support came from Infosys which gained after continuous decline in last few sessions. The index is in negative terrain with very strong support seen around 5800 levels and if the
index manages to hold on to this support we may witness some consolidation around 5800 levels. We advise clients to avoid bottom fishing till some consolidation emerges in the index. Some positive news may lead to heavy short covering too, but the charts are not showing any positive signal and we advise clients to strictly avoid trading at current levels and wait for clarity in CNXIT.
The Technology index witnessed further upside as key Technology stocks gained from intraday lows after correction in the last few sessions. The major support came from Infosys which gained after continuous decline in last few sessions. The index is in negative terrain with very strong support seen around 5800 levels and if the
index manages to hold on to this support we may witness some consolidation around 5800 levels. We advise clients to avoid bottom fishing till some consolidation emerges in the index. Some positive news may lead to heavy short covering too, but the charts are not showing any positive signal and we advise clients to strictly avoid trading at current levels and wait for clarity in CNXIT.
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