IT stocks are majorly dependent on US market and Nasdaq plays a major role in movement of IT index, so thought to have a look on NDX and the pattern it looking is pretty bearish. Though index is trading at support but if this index failed to hold level then we may see good selling pressure. currently there are 3 negative patterns the index is in. 1. Inverted...
Breakdown if trading channel... every rise is a sell. 28727 odd levels is a bullish Point of NIFTY IT Sell on rise near this levels.... two consecutive close above this can turn the trend to green again. Like.... Share... Comment....
NIFTY IT INDEX Support & Resistance on Weekly Closing Based. NSE:CNXIT
Case 1st can be found here Case 2nd: If you see the market goes below 32438.25 means the wave-C is itself as a complex correction and the market will go down more, this view will remain same until the market goes above the 36815. Chances are very high that the wave-C will be a complex corrective pattern. If you have any question you can ask.
Tata Consultancy Services moves in a channel upwards, then retraces, exactly to 78.6% basis Fibonacci. If TCS makes a recent top, you can get short opportunity all the way down to 78.6% irrespective of what NIFTY IT does. Wait for the top, and breakdown from channel before entering trade. Keep trailing stop loss after every day.
Nifty IT Index now trade around 33400 if break out below 33400 first support 31300 and finally i expect 29300
Nifty IT Index support 33400 if break out below this lvl big fall expecting upto 29000 to 29300
NIFTY IT is about to finish its B lag, which will confirm about flat or zigzag pattern, once it confirm b lag end it will go for the lag c in down side. Minimum downside will be 34500.
Constitution of NIFTY IT LIKE TCS HCL AND MANY MORE EXCEPT Infosys have some pending Timewise Correction...and also NIFTY IT Trading Near All time and Strong resistance... So may be NIFTY IT WONT ABLE TO CROSS CURRENT RESISTANCE... AND CREATE TRIPLE TOP...
Observations: For time horizon of next 1-2 Months. Nifty IT has been trading in an narrow range from past few days. CMP : 14500 Levels Trend : Not Sustaining at upper levels... Likely to drift down if Closes / Breaks below 14300 Strategy: Keep Selling on every rise to 14600 - 14630 Levels View negates if closes above 146650 Levels Options: 14200 PE looks...
@jagrut Monthly Chart of Nifty IT The index is trading in the Channel Pattern since April-2019 to till date. Similar pattern was observed from March-2015 to Nov-2016. Both the Channel pattern has been shown in the chart. Then outlook for the index in coming year looks bearish. On Monthly chart the index is trading in Channel as shown in the chart. For education purpose