EquityPandit’s Outlook for CNX IT for the week (August 24, 2015 – August 28, 2015):

CNX IT:

CNX IT index closed the week on negative note losing around 0.50%.

As we have mentioned last week that if the index manages to close above the levels of 11800 the index can move to the levels of 12800 to 13000 in 1 to 2 months time frame and the index has hit a high of 12300 during the week.

As we have mentioned last week that the support for the index lies around the zone of 11600 to 11800 from where the index has broken out and also the long term moving averages are positioned and the index hit a low of 11825 and bounce back to close above the levels of 12000.

On daily charts the index has formed a Doji pattern in downtrend indicating the exhaustion of selling pressure. On weekly charts the index has formed a Doji pattern in an uptrend indicating the indecision among the traders about the further direction of the index.

So coming week if the index manages to close above the levels of 12300 the index can move to the levels of 12600 and if the index manages to close below the levels of 11800 the index can move to the levels of 11500.

Broad range for the index in the coming week is seen from 11600 on downside to 12400 on upside.