EquityPandit’s Outlook for CNX IT for the week (October 26, 2015 – October 30, 2015):
CNX IT index closed the week on positive note gaining around 1.8%.
As we have mentioned last week that 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. During the week the index manages to hit a low of 11305 and bounce back to close the week around the levels of 11537.
Support for the index lies in the 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.