EquityPandit’s Outlook for CNX IT for the week (August 31, 2015 – September 04, 2015):
CNX IT index closed the week on negative note losing around 3.50%.
As we have mentioned last week that the index has formed a Doji pattern on weekly charts in an uptrend indicating the indecision among the traders about the further direction of the index. The index sold off during the week and lost more than 4%.
During the week the index took support around the medium term trend-line support around the levels of 11000. Below the levels of 11000 the index has strong support around the levels of 10800.
The index has closed around the 200 Daily SMA lying at the levels of 11630. 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.
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.