CNX IT has broken out of very short term uptrend with huge gap. Breakout gaps are normally filled over a period of time. It has already come down below 20 DEMA. Stochastic is showing downward momentum and still some heat is left for seller. Traders can initiate short in CNXIT at cmo 16145 and on rise towards 16240 with stop loss above 16400 for target 15830-15760. 15750 should be observed on closing basis to trade for further downside momentum.
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index fell by 230 points after update. it is standing at support line. So wait and watch move
