CNX-IT - TRIANGULAR PLAY CONTINUES.. Range reduced to 5650-6400 - Wallfort Financial Services

Since past 2 odd years, CNX-IT index has been trading in a symmetrical triangle form. Current short term action had formed a trading breakout action above falling channel and went for a test in today's (8th Jan) action.

Infy's results on coming Friday are likely to produce some direction triggers for the index. Decider range for now has been reduced to 5650/70 to 6290/6400. Below 5650 index can tank towards 5400 and below 5400 it can go for testing important support near 5000 levels.

Similarly action above 6290/6400, stock can move towards testing 6650/6810 (crucial resistance band).

Source : Equity Bulls

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