MTECHTIPS:-CNXIT:
The Technology index witnessed another session of sideways trading
and the index managed to close with small gains. But the doji formed
in the charts indicates indecision at current levels. The technology
stocks today will take trend as per the results of HCL Technology
which will be announced in the afternoon. 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 another session of sideways trading
and the index managed to close with small gains. But the doji formed
in the charts indicates indecision at current levels. The technology
stocks today will take trend as per the results of HCL Technology
which will be announced in the afternoon. 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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