MTECHTIPS:-CNX IT
The Technology index witnessed a day of consolidation with profit taking at higher levels. The index was hit heavily by sharp decline in the prices of Wipro which disappointed traders with its results. Weexpect the index to consolidate around the 5800 levels before it takes any direction. The index is in negative terrain with very strong support seen around 5800 levels intraday and if the index manages to hold on to this support we may witness some consolidation around these levels. We advise clients to avoid bottom fishing till some consolidation emerges in the index. Some positive news may lead to heavy short covering too, but the charts are not showing any positive signal and we advise clients to strictly avoid trading at current levels and wait for clarity in CNXIT.
The Technology index witnessed a day of consolidation with profit taking at higher levels. The index was hit heavily by sharp decline in the prices of Wipro which disappointed traders with its results. Weexpect the index to consolidate around the 5800 levels before it takes any direction. The index is in negative terrain with very strong support seen around 5800 levels intraday and if the index manages to hold on to this support we may witness some consolidation around these levels. We advise clients to avoid bottom fishing till some consolidation emerges in the index. Some positive news may lead to heavy short covering too, but the charts are not showing any positive signal and we advise clients to strictly avoid trading at current levels and wait for clarity in CNXIT.
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