MTECHTIPS

MTECHTIPS:-CNX IT
The Technology index  witnessed  a session of consolidation, but failed to stage any major come back after sharp decline in the last session.  Technology  stocks witnessed selling pressure ta higher levels, even the declining rupee could not give any support to the stocks. The turmoil in Europe has undermined the decline in Rupee as there are serious doubts about the European economies in the medium term. These factors made the technology index very volatile for the day. The CNXIT will continue to have strong support at lower levels around  5800 holding above will open up the levels of 6000 soon. But any decline in the index will test the supports of 5800, holding below will open up levels of  5600 again on the downside