MTECHTIPS

MTECHTIPS:-CNX IT 

The Technology index  witnessed  another volatile range bound session as the index  dipped sharply in early trade but managed to rebound from intraday lows to close the session with gains. Some support was seen at lower levels around the crucial 5750 levels. We expect a negative opening in the index and key technology counters may remain under pressure. The CNXIT will continue to have strong support at lower levels around 5750 holding above will open up the levels of  6000 soon. But any decline in the index will test the supports of  5600, holding below will open up levels of  5400 and below in coming days. The index is under pressure and if it manages to close below the 5600 levels we expect the index to test 5250 levels gradually. Bottom fishing should be avoided at current levels.