IT stocks may gain momentum: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views about the prospects of the CNX IT.

ET Now: How are you approaching trading, and what are the specific stocks that you are recommending in the session?

Mitesh Thacker: I am trading light in the sense that this is not very exciting phase when it comes to pure trading. It is more of a consolidation phase and therefore you are not getting the kind of breadth or the breakout which were happening a few days, a few weeks back. But still in stock-specific way, CNX IT looks interesting. There has been intra-day reversal on CNX IT. In the last few weeks there has been a range of about 400 points between 9550 - 9150 and now there is a chance that we might be building up some kind of momentum on the upside. It could lead to the CNX IT breaking 9550 and going up to about 9800 or so. So, IT stocks can gain some kind of momentum.