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MTECHTIPS:-CNX IT
The Technology index witnessed another session of declines as the tech stocks corrected after Cognizant cut its annual revenue outlook. TCS was the major looser in the markets as the stock declined after downgrade by major research houses. These factors made the technology index very volatile for the day. The CNXIT will continue to have strong support at lower levels around 5800 holding above will open up the levels of 6000 soon. But any decline in the index will test the supports of 5800, holding below will open up levels of 5600 again on the downside.
The Technology index witnessed another session of declines as the tech stocks corrected after Cognizant cut its annual revenue outlook. TCS was the major looser in the markets as the stock declined after downgrade by major research houses. These factors made the technology index very volatile for the day. The CNXIT will continue to have strong support at lower levels around 5800 holding above will open up the levels of 6000 soon. But any decline in the index will test the supports of 5800, holding below will open up levels of 5600 again on the downside.
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