Nifty Smallcap index formed a classical bullish island reversal pattern during last week of March 2018 since then price mean reverted back to 200 Moving Average on the daily charts. Last 15 trading sessions its been hovering around 200MA.
CNX IT Daily Sentiment is negative and down for the consecutive 11 days. Possibly oversold and could bounce back in the shorter term. However last week earning results on the IT stock made the weekly sentiment to turn down. So the overall bias on the CNX IT stocks are wait for the bounce to happen followed by a sell of as the weekly sentiment shows medium term bearishness.
Bank Nifty shows a considerable strength in the current fall of CNX Nifty. Compared to other sectors the relative strength in Bank Nifty is far better. However most of the sectors shows a falling momentum and the relative strength in pharma sector , reality sector and CNX Smallcap is relatively weaker with a strong momentum which signifies highly underperforming sectors.