EquityPandit’s Outlook for CNX IT for the week (October 05, 2015 – October 09, 2015):

CNX IT:

CNX IT index closed the week on negative note losing around 0.60%.

As we have mentioned last week that the resistance for the index lies in the zone of 11800 to 12000 where channel resistance for the index is positioned. If the index manages to close above the levels of 12000 then the index can move to the levels of 12300 to 12500. The index manages to hit a high of 12055 during the week.

On 01/10/2015, one of the IT giants HCL Tech announced that there can be slippage in margins in quarterly results which spooked the stock and the index. The index manages to close around the levels of 11872.

The index has been forming the bearish pattern on daily charts. Support for the index lies in the zone of 11400 to 11600 where 100 & 200 Daily SMA are positioned.

Resistance for the index lies in the zone of 11800 to 12000 where channel resistance for the index is positioned. If the index manages to close above the levels of 12000 then the index can move to the levels of 12300 to 12500.

Broad range for the index in the coming week is seen from 11600 on downside to 12300 on upside.