A likely Cup and Handle Structure is forming in IT Index on Weekly charts. It has been underperforming since last 24 months or so. It had reached 39446 levels in January 22. Since then the peak remains unscaled. There were multiple reasons for this. Let us analyze the reasons which resulted in decline of IT Index and let us see how the future looks for...
For last few weeks we have been looking at indices. By the study of a particular index we then try to determine about investing in components of that index or the stocks that from that particular index. In the series we will today have a look at IT Index.
IT Index is looking very interestingly poised currently. There is a Doji of indecision formed. As of now the...
Yesterday after market close - we published chart of Nifty IT stating the IT Sector would snap the 5 day Fall and would bounce back today
Reasons for IT bounce:
Double Top neckline Support (not broken)
2 support lines from the Gap Up candle (one support at top of Gap and one at bottom)
Good rejection seen from DT neckline + both ends of Gap - and price...
The index we will study and try to analyse this week is IT Index. Having look at the chart we can understand that IT Index is trying to give a major trend line breakout. If the IT Index can give a closing above 33449 next week what looks probable is a decent come back in large cap IT stocks. The IT Index made a bottom near 26192 and has been consistently moving...
#PERSISTENT.. ✅▶️
Intraday as well as swing trade
All levels given in charts ...
IF good potential seen then we work in options also
if activate then possible a huge movement Keep eye on this ...
We take trade only when it activates...
Possible to give good target
TRADING FACTS
IT Index had given a major BO from the squeezing triangle. Mostly it is coming back to test the breakout. Major supports here are 37362, 37264, 37196 and finally 37125. Mostly IT should reverse from that range. Post re-testing is done IT will slowly consolidate and move towards making fresh highs above 39442. Our target of IT Index for 2022 is 40211.
