MTECHTIPS

MTECHTIPS:-
CNXIT:
The Technology index witnessed some buying interest after a very
positive numbers by the technology major,  HCL technologies. But
the gains were  capped and some profit booking emerged in final
hours. The index is in negative terrain with very strong support seen
around 5800 levels and if the index manages to hold on to this
support we may witness some consolidation around 5800 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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