NSE:CNXIT   Nifty IT Index
Nifty IT Index as seen on the chart is at important resistance.
The Primary Trend of this Index is Down and now after a good pullback this stock seems to be at an important resistance. Around current level we have multiple resistance in form of resistance line, retracement, channel line and retracement of higher degree.
The Rsi at 50 has historically been a crucial area of support and resistance.

With all the above observations we can understand the IT Index is at an important resistance level and we will wait for more conclusion for being negative on this Index.
Currently being cautious is what we recommend at current level and those who are long on this index must keep tighter stoploss and ride their position.

Abhay Bhatia

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