CNX IT .. U turn ahead

The Nifty held on today though it seemed market was nervous in upmoves. As for individual stocks, heavyweights were under pressure and more activity was seen in midcaps / small caps.



CNX IT index is just near to its support level of 5950. With IT stocks like Infy and TCS and Wipro under some selling pressure / profit booking, it is likely that this support level of 5950 for the CNX IT will break in coming days.

Expect a move of another 200+ points on break below 5950 and keep stops near to 6080

While many stock discussed yesterday at ITG did not get triggered as a transaction, it is likely that they will get activated in a couple of days.

Happy trading

CA Rajiv D Khatlawala
www.investogyan.com