CNX IT - may reverse any time ....

The Nifty continued its weakness as expected... Frontline stocks took to profit booking and the recent movements of the IT sector stocks too are not encouraging.

The CNXIT index seems to be nearing a reversal point and one can expect it to 'help' in the downward journey of the Nifty.



The CNX IT index has crucial support at 5645 - based on intraday charts. A break below this should start the down move. the daily charts should later suggest weakness on the breaking of the crucial 5600 level.

Investors who are still holding their IT winners, may consider profit booking...

Happy Trading !

CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.