CNXIT the IT index is in process of forming a short term bottomwhich is evident from the chart attached.Fundamentally IT may be least favorable as in recession everyone thinks aboutcost cutting but for traders it gives a nice trading opportunity.Chart shows a abc followed by a 5 down which is in process.The current selling pressure should loose out strength near 2000 whichshould hold to strengthen the up move from there.
If we check the individual biggies of IT sector to reach to a conclusionINFOSYS is retracing after initial surge to 1300 from sub 1200 levelsAnalysis of which was posted INFOSYS ANALASYS1300 being resistancea retrace was expected from there.TCS is consolidating near a supportWipro too resting near a support.Which suggests a rise may be in offing.Trade idea should be like this buy near 2020-2000 sl 1950Target will vary according to market condition though 2150-2200 looksquite achievable .
