EquityPandit’s Outlook for CNX IT for the week (October 19, 2015 – October 23, 2015):

CNX IT:

CNX IT index closed the week on negative note losing around 4.0%.

As we have mentioned last week that support for the index lies in the zone of 11500 to 11650 where 100 and 200 Daily SMA are positioned. If the index closes below the levels of 11500 then the index can drift to the levels of 11000 to 11200 where trend-line and channel support for the index are positioned. During the week the index manages to hit a low of 11300.

Support for the index lies in the zone of 11000 to 11200 where trend-line and channel support for the index are positioned. If the index breaks below this levels on closing basis then the index can drift to the levels of 10500 to 10700 where 500 Daily SMA and 100 Weekly SMA are positioned.

Resistance for the index lies in the zone of 11500 to 11700 where 100 Daily SMA and 200 Daily SMA are positioned. If the index manages to close above this levels then the index can move to the levels of 12000 where channel resistance for the index is positioned.

Broad range for the index in the coming week is seen from 11000 on downside to 11600 on upside.