EquityPandit’s Outlook for CNX IT for the week (September 07, 2015 – September 11, 2015):

CNX IT:

CNX IT index closed the week on negative note losing around 1.5%.

As we have mentioned last week that if the index manages to close above the levels of 11630 the index can move to the levels of 11900 where channel resistance for the index is lying, but the index was not able to close above the levels of 11630 during the week and sold off to the levels of 11400.

The index is trading around the support zone of 11400 where 100 Daily SMA is positioned. If the index breaks below the levels of 11400 on closing basis, the index can drift to the levels of 11000 where trend-line support for the index is lying.

If the index manages to close above the resistance zone of 11650 where 200 Daily SMA is positioned the index can move to the levels of 11900 where channel resistance for the index is lying.

Coming week we can expect the markets to be quite volatile and broad range for the week can be 11000 on downside to 12000 on upside.

Broad range for the index in the coming week is seen from 11000 on downside to 12000 on upside.