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MTECHTIPS:-CNX IT
The Technology index witnessed a session of early gains and then dipped on profit taking in the technology stocks at higher levels. The technology stocks were range bound as the consolidation continued in these counters. If the CNXIT manages to break out and sustain 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 5900 holding above will be positive for the index. But any decline in the index will test the supports of 5800, 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.
The Technology index witnessed a session of early gains and then dipped on profit taking in the technology stocks at higher levels. The technology stocks were range bound as the consolidation continued in these counters. If the CNXIT manages to break out and sustain 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 5900 holding above will be positive for the index. But any decline in the index will test the supports of 5800, 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.
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