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MTECHTIPS:-CNXIT
The Technology index again witnessed a day of consolidation with profit taking at higher levels. The index although in trader’s radar, is trading in a negative terrain. The technology index may surprise in coming days and if it manages to hold above the levels of 5900 we may soon witness testing of 6100 levels in the index. The index is in negative terrain with very strong support seen around 5800 levels intraday and if the index manages to hold on to this support we may witness some consolidation around these 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 again witnessed a day of consolidation with profit taking at higher levels. The index although in trader’s radar, is trading in a negative terrain. The technology index may surprise in coming days and if it manages to hold above the levels of 5900 we may soon witness testing of 6100 levels in the index. The index is in negative terrain with very strong support seen around 5800 levels intraday and if the index manages to hold on to this support we may witness some consolidation around these 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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