MTECHTIPS

MTECHTIPS:-CNX IT
The Technology index  witnessed selling pressure in  yesterday’ssession as traders were seen booking profits in longs, and new shorts were seen in the index. Strong support was seen at lower levels around the crucial 5750 levels. The CNXIT is trading around crucial support levels, but in the index dips below these levels we may witness sharp declines. 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.