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MTECHTIPS:-CNX IT
The Technology index witnessed a grand opening as the rupee weakened further against the dollar. The technology stocks witnessed profit taking soon after a positive opening, and a clarification on GAAR by the Finance Minister helped the rupee to climb back from its lows. These factors made the technology index very volatile for the day. The CNXIT will continue to have strong support at lower levels around 6000 holding above will open up the levels of 6200 soon. But any decline in the index will test the supports of 6000, holding below will open up levels of 5850 again on the downside.
The Technology index witnessed a grand opening as the rupee weakened further against the dollar. The technology stocks witnessed profit taking soon after a positive opening, and a clarification on GAAR by the Finance Minister helped the rupee to climb back from its lows. These factors made the technology index very volatile for the day. The CNXIT will continue to have strong support at lower levels around 6000 holding above will open up the levels of 6200 soon. But any decline in the index will test the supports of 6000, holding below will open up levels of 5850 again on the downside.
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