NIFTYIT#NIFTYIT broke the triangle, however the up-thrust is so far failed one. Subsequent fall prints an evening star pattern. The momentum is not suggestive of strong up-move while the DX line is neutral at best. Move past 22000 is needed for bulls to re-capture. A break below 21000 bring bears into reckoning. Trade from short with stop 22115 (not able to suggest a lower one) for 21000 break.
CNXIT trade ideas
Nifty IT Will it Break Down...... ????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 like a profitable bet.
CNXIT - Looks Range BoundIT Index weekly chart suggesting it may trade sideways for some time and it should hold 13000 levels on the weekly basis to continue the trend it started from 11000 levels
On the Basis of previous price action, I am expecting 13000 levels would act as good support and only the decisive Break of 13000 levels can take the index to 11000 levels.
Monthly Chart of Nifty IT@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