@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
NIFTY IT CNXIT is making Higher Swing lows since start of this year in a range bound activity . Currently middle of range , more sideways action till a resolution is in place
Nifty IT is following the textbook EW pattern. We are at the beginning of a fresh impulse of the last cycle wave 5. This wave should take us to all time highs.
On smaller time frame we have already finished wave 1 of 5; obviously the next impulse (w3) would be much sharper.
Index is susceptible to political news from US, so adhere to proper RM.
Nifty IT is the only index that has not started any strong up move till now. A move above the 0-B trendline could kick off it's uptrend following which some IT stocks (like HCL) can be bought too.
A strong up move should start soon as we're already near 76% retracement. Otherwise it could make a new low negating this setup.
WEEKLY CHART :- TAKING SUPPORT OF 50 DAYS M/A. AS PER DAILY CHART CNX IT IS TAKING SUPPORT OF 300 DAYS MOVING AVERAGE. ALSO AT THIS POINT SOME CONSOLIDATION IS TAKING PLACE AS PER DAILY CHART. PRZ - 10943 - 11051. U CAN SEE THAT BULL ARE LIKELY TO TAKE PRICES HIGH AT THE CLOSING OF THE DAY. WHICH MAKE THE FORMATION OF HAMMER TYPE. U CAN ALSO SEE LAST 4 CANDLE , 3...
