This is a comparison study of charts of CNX IT index VS IT-Bees and this is a pure fundamental analysis. In December 21, CNX IT index made its all time high and then went into down trend. Since May 22, IT index is trading in the range (parallel channel) . Here I am recommending to buy Nippon IT Bees as Long Term Investment. Once can see a clear comparison...
Nifty IT is testing patience and consolidating in the past 1 year. Now one should wait, and good and clean move will come on weekly close above 31300.
It seems Nifty IT is about to break the trendline on downside. If it does, then certainly it would be great trade with RR 1:4. It will become again stronger above 30740 levels. It broke that levels once but could not sustain the same. However, it shows bears are more stronger than bulls. RSI has been oscillating between 60 & 40 levels. Watch for level 40 break...
Since the IT sector is correlated with US market and the US market is kind of in an overvalued state and is showing signs of reversal, there is a very high probability that its ripple effect is going to be there in Indian IT sector also. So I'm expecting a crash in IT and will utilise the opportunity by buying ITBEES, when CNXIT falls to the low of the channel.
CNX IT on the verge of breakout above 31,100. It would be worth keeping an eye on the whole IT pack. Many like TECHM have been breaking out. ❤ & follow?
NIFTY IT - In Reversals 🏳pole pattern Time frame : MONTHLY Objectives - Investors should cautious on IT index 1. Big Time Frame range 26000 32000 2. Daily time frame 27700 To 31200 3. Reversals pole pattern 4. Below 26000 we can see more bearish zone 5. Invalid above 32000 Above chart Valid for long term purposes- short term we can see up & down...
IT sector is trading in its resistance zone so if you trade nifty index option pls bee on the lookout
nifty it is giving triangle pattern breakout on monthly frame , most of the mid size comapny has already moved significantly like cyient, sonata,newgen, nucleus
Nifty it near Resistance , looks bullish can go for long after Breakout
Seems like NIfty IT trying to form Head and Shoulder on larger time frame. less chance tho PS : Not a reco
There has been a strong support held on Weekly and Monthly chart. Technically we can also say Triple Bottom. As of MACD, a hidden bullish divergence has been formed. We can start acquiring from now for a long term investment through ETFs, Mutual Funds SIP etc.
FIIs are pumping money in nifty futures and Nifty IT above 20 DEMA
High probability IT Sector bottom form near lower boundary (blue line) of the channel .
CNXIT again trading near Weekly support, this could be good time to start adding IT ETF in portfolio for long term. if it goes down more, there is another strong support to add more. This my personal study & for educational purpose only. I may be 100% wrong. Like, Share, Comment for regular updates. Disclaimer I am not sebi registered analyst My studies are...
FED is preparing the mood of the markets for a "Mild recession" That could turn out to be a deep recession as FED is not yet ready to pivot India-NSE IT index is sharply down compared to other sectors
NiftyIT : Dual RS chart w.r.t. Nifty50 🔹Divergence b/n Long RS (green) & Short RS (blue) 🔹+ve Short RS signifies outperformance in short term 🔹Long RS bottomed out as oversold in long term 🔹presently, the only sector exhibiting such attributes ✅ Best Risk/Reward
Be careful when you trade NIFTY IT stock, it is in long term support Bullish when Price> EMA 40 Bearish When support level breakout on closing basis consolidation may come for 10-12 days