MTECHTIPS

MTECHTIPS:-CNXIT
The Technology index  gained sharply as the investors looked for value picks in the beaten down sector.  The  optimism in the technology stocks was seen on the expectation of QE3 in the US.Investors feel that new flow of liquidity in the  markets will help improve the order book of these stocks. We had written in this space that 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. And now if the index manages to hold above the 6150 levels we may witness new rally in these counters. But  the index will find it difficult to sustain above these levels and profit taking may be seen at higher levels.  Immediate supports are seen below 5950 levels.