CNX IT has strong support areas around 8650-8700 mark: Mitesh Thacker
The CNX IT has strong support areas around the 8650-8700 mark though we have not seen a confirmed reversal as yet but from these areas it can hold and possibly stop its declining trend.
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| Updated: In a chat with ET Now,Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on index.
ET Now: What is your view on the index, this run away rally that we are seeing, the momentum particularly in the last two hours and also your stock specific strategies?
Mitesh Thacker: There is still a positive bias on the index. The key here could be the bigger weightage index like Bank Nifty and the CNX IT.
The CNX IT has strong support areas around the 8650-8700 mark though we have not seen a confirmed reversal as yet but from these areas it can hold and possibly stop its declining trend. Around 7500 mark, I would want to take some profits and see how the Nifty reacts to its previous highs. If there is not enough strength of getting past, then you might want to wait for a another pullback to happen to buy into it.
Metals and realty stocks, are the ones clearly on the buying list along with some of the energy stocks. In these sectors the breadth is showing good momentum so individual stock specific wise, we are still trading on the long side.
ET Now: What is your view on the index, this run away rally that we are seeing, the momentum particularly in the last two hours and also your stock specific strategies?
Mitesh Thacker: There is still a positive bias on the index. The key here could be the bigger weightage index like Bank Nifty and the CNX IT.
The CNX IT has strong support areas around the 8650-8700 mark though we have not seen a confirmed reversal as yet but from these areas it can hold and possibly stop its declining trend. Around 7500 mark, I would want to take some profits and see how the Nifty reacts to its previous highs. If there is not enough strength of getting past, then you might want to wait for a another pullback to happen to buy into it.
Metals and realty stocks, are the ones clearly on the buying list along with some of the energy stocks. In these sectors the breadth is showing good momentum so individual stock specific wise, we are still trading on the long side.
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