MTECHTIPS

MTECHTIPS:-CNX IT 

The Technology index  witnessed a negative session as the index failed to trade above the 6050 mark and profit taking emerged at higher levels. The technology stocks witnessed some profit booking after sustained up move in last few sessions. If the CNXIT manages to hold above the  6100 levels in coming days we may witness a gradual retesting of 6300 levels in the index in coming sessions. The CNXIT will continue to have strong support at lower levels around 5850 holding above will be positive for the index. But any decline in the index will test the supports of 5780, holding below will open up levels of 5600 and below in coming days. The index is has given a rounding bottom formation, and if it manages to trade above the 6100 levels, we may witness further upside.