Sector Leader : NSE:CNXIT
Relative strength compared to Nifty 50 - NIFT IT clear outperformer since Jan 2023. Remember Nifty 50 is on downtrend while IT is on uptrend.
Now look for stocks which have better chart pattern than NIFTY IT. Some examples. These are going to perform better once NIFTY 50 turn positive
nifty it bottomed out
now IT index can be accumulated for longterm and short-term through ITBEES cmp 31.84
sl 29508 closing basis weekly
risk 3% reward 8%
sl 27908 closing basis weekly
risk 8% target 18%
buy right sit tight
keep position sizing in check
wealth generation takes longterm
As we can see that given chart the IT sector as form very good base , with bull sash candlestick pattern on last month low with fibonacci retracemet also at that same level suggest how important that level is for price.
Bull sash is very pwerful bottom forming candlestick pattern with high success rate.
As last week was bearish but this week price gapup plus give...
The chart shows 15 years track record of the Nifty-IT sector.
When the IT sector starts to turn and takes charge in the sector rotation, I would be rooting for the historical out-performers which create value.
There was a false double-bottom breakout in Nifty IT. Right now, the critical support levels are the bottoms of the pattern, as drawn by a horizontal support line. Till the Index is above this level, there are no signs of worries, but as soon as it breaches it bearishness will engulf the future trend
PRICE MOMENT FOR THE WEEK .
DISCLAIMER: This is my own analysis and you do your own analysis before you take any trade and I am not SEBI registered and contact your financial adviser before taking any trades .I am not responsible for your profit or loss. This is only for educational purpose and learning.
Weak structure showing as after covid it sector boom now boom getting blast so go for short minimum target 22,577 with sl 30,000 if anyone want to opportunity start sip with strong company for any analysis message me
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.
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Key highlights: 💡⚡
On basis of Weekly Time Frame
📊 Currently NIFTYIT has given Double Bottom Breakout with confirmation.
📊 Keep an eye on IT sector's scripts.
📊 Example : LTTS , COFORGE , TECHM
1st Target - 32816
2nd Target - 34381
Support - 30559
⚠️ Important: Always maintain your Risk & Reward Ratio.
⚠️ Purely technical based pick.
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