EquityPandit’s Outlook for CNX IT for the week (November 02, 2015 – November 06, 2015):

CNX IT:

CNX IT index closed the week on negative note losing around 0.7%.

As we have mentioned last week that resistance for the index lies in the zone of 11600 to 11700 where 200 Daily SMA is 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. During the week the index manages to hit a high of 11665 and retraced to close the week around the levels of 11470.

The index has close around the support zone of 11480 where 100 Daily SMA is lying. If the index closes below this levels then the index can drift to the levels of 11200 where trend-line support for the index is positioned.

Resistance for the index lies in the zone of 11600 to 11700 where 200 Daily SMA is 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 11300 on downside to 11800 on upside.