CNX IT may head higher, maintain positive bias: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on the level CNX IT index may test in the days to come.

ET Now: Midcap IT stocks had a solid run on Monday, but the front liners did not move quite in tandem. What is the call on the CNX IT index?

Mitesh Thacker: The index has remained choppy in the last few sessions. It is not really outperforming, but the structure is not negative yet. The range of 11,800-11,930 remains a significant challenge for the CNX IT to break. That said, individual stocks are doing well and, therefore, there is a good chance that the index may head higher. As long as 11,600 level on the index is not broken, maintain a positive bias.

Overall, to me Nifty has more of rangebound scenario, but crossing 8,050 should give the index some kind of upside boost.