Thursday, April 16, 2009

CNX IT - Opportunity in correction!!

I had reviewed CNX IT some time back (Mar 23) and suggested buying IT sector stocks when the CNX IT was at 2200 levels. Since then it has touched a high of 2600 and is currently in correction mode.

Retracement analysis suggest that the current fall should take support between 2300 and 2400 before resuming it's upward move again.



Infosys has given good results - especially if one sees the global recession in the background. It's guidance has been cautious - nothing new for Infy.

After the correction , i expect the upmove to test intermediate levels of 2800 - 3000 for the CNXIT.

Happy - IT Stock picking !!!!

CA Rajiv D Khatlawala
Head of Research & Training
Jhaveri Securities Ltd.
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1 comment:

Rishi said...

Your Zinc target of 77 has almost been achieved. What is the strategy now (next target and appropriate stop loss)?

And, if one gets in on CNX IT around 2400, should they keep a stop loss of 2200??

Thanks for doing such a wonderful job.

April 16, 2009 at 6:20 PM

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