The CNX IT has been one of the better performing sectoral indices. The CNX IT gained convincingly from the March lows of 2000 to the recent high of 5200... Impressive - considering that most investors and traders were busy with Tiscos and Reliances while the Infosys and Wipros of the world rallied.
That's the way the markets are... Stocks which most people are following , tend to under perform ...
The CNX IT index is currently showing signs of fatigue and losing momentum. Consider 4875 as the crucial support and a break and close below this level should give investors and traders an advance warning to book profits in their IT stocks and encash the mullah!
The level of 5200 is a crucial resistance and unless this is crossed, booking profit is more advisable !
Happy profit booking,
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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