EquityPandit’s Outlook for CNX IT for the week (October 12, 2015 – October 16, 2015):
CNX IT index closed the week on negative note losing around 0.60%.
As we have mentioned last week that 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. During the week the index struggle to hold the levels of 12000 and the index sold off to the levels of 11600. The index close the week around the levels of 11800.
On 12/10/2015, one of the IT giant INFY is releasing the quarterly and half yearly results, which will decide the further direction of the index.
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.
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 11500 on downside to 12300 on upside.