CNX IT Index is currently witnessing selling pressure from 23.6% fibonacci retracement technical indicates as long as index holds below its resistance zone bears will be favored and further price fall can be seen in coming days.
Even index major trend indicator "MACD" indicates that index is trading below level zero and so far moving in negative zone this will favor bears. Index has also shown long bearish candle this shows bears are currently active.
On down side close watch index will find strong support at its previous bottom as shown in above graph, technical indicates if index takes support at its previous bottom then we can see some bounce back but if index failed to holds above its trend line and closes below then further round of bears can be seen in CNX IT Index.
As per today trading point of view index is up by 1.76% up by 192.90 pts trading at 11131.65 at 10:38 am. Stock which are contributing in cnx it are TCS, Infosys, HCL Technologies and Wipro Ltd.
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