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MTECHTIPS:-CNX IT
The Technology index witnessed a positive session as the index gained strongly after sharp declines in last few sessions. Technology stocks were in buyer’s radar as investors looked for safe bets for short term. The declining rupee has induced buying interest in these stocks, and investors were seen looking for value picks in the technology counters. These factors made the technology index very volatile for the day. 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 5700, holding below will open up levels of 5600 again on the downside.
The Technology index witnessed a positive session as the index gained strongly after sharp declines in last few sessions. Technology stocks were in buyer’s radar as investors looked for safe bets for short term. The declining rupee has induced buying interest in these stocks, and investors were seen looking for value picks in the technology counters. These factors made the technology index very volatile for the day. 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 5700, holding below will open up levels of 5600 again on the downside.
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