Nifty IT testing patience good move will come above 31300Nifty 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.
CNXIT trade ideas
CNXIT (NIFTY IT) ShortIt 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 down at the same time when trendline breaks down.
Levels to watch on upper side
30170
30740
Levels to watch on lower side
28606
27776
CNXIT : A reversal expected in IT SectorSince 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.
NIFTY IT near crucial breakout level.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 - 📢⚠️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 between 26000 to 31500.
View - Just for Educational awareness. do your own due diligence before taking any action.
(NIFTY IT) TRADING IN ITS RESISTANCE ZONE BE ON THE LOOKOUTIT sector is trading in its resistance zone so if you trade nifty index option pls bee on the lookout
nifty itnifty 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 index near Resistance Nifty it near Resistance , looks bullish
can go for long after Breakout
H&S IN NIFTY ITSeems like NIfty IT trying to form Head and Shoulder on larger time frame.
less chance tho
PS : Not a reco
NIFTYITIt seems that NIFTY IT is showing strength where as BNF is weak. So it may be possible that money is moving from BNF to NIFTY IT. Look at strong name like HCL Tech etc. Basically stocks which are above 200 DMA and 50 DMA. 50 DMA should be above 200 DMA
Start acquiring IT Index ETFs every week as Longterm InvestmentThere 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 pumped 4477 Cr in nifty futures from 20th april post 17715FIIs are pumping money in nifty futures and Nifty IT above 20 DEMA
Nifty IT Sector Bottom Analysis High probability IT Sector bottom form near lower boundary (blue line) of the channel .
CNXIT : Good time to invest in IT ETF?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 Educational purpose only
Please consult with your Financial advisor before trading or investing
I may be 100% wrong as its my personal trade.
First Learn and then remove "L"
IT services reactin to talk of recession and FOMC minutesFED 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 at best Risk/RewardNiftyIT : 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
Nifty IT in support levelBe 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
Major Correction for Nifty ITNEGATIVE SIDE :
1. Nifty IT broke the major support level at 34450pts during the last trading session.
2. The two major rejection candle at the level 36750pts in the recent time is so crucial. This is because of the two major correction happened in the past one in 2000 and the other during the corona situation. Both the corrections have the 4.236 fibonacci level at around 36000pts. Which will play the major supply zone for the coming days for IT.
3. The Fibonacci level drawn in this chart shows the pullback happens exactly at 0.618 level, which is again a negative side.
4. The moving average 20 & 50 is getting closer.
POSITIVE SIDE:
1. Currently, Nifty IT is at a major support level. Lets hope that it will bounce back from the level.
Nifty IT index on the verge of BO. Nifty IT index are at resistance zone and if we see past chart structure, it tested multiple times so we might see a BO in coming days.
How to Spot next leader ? Ideas for Swing 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
1) NSE:PERSISTENT
2) NSE:KPITTECH
3) NSE:SONATSOFTW
4) NSE:TCS
CNX IT - SIMILAR PATTERN - 33000 34000 ?Above 29000 we can see 33000 34000 in couple of month
TCS is looking strongest followed by HCL Tech and Infosys....
In Midcap: Mphasis & Persistant looks good
nifty it bottomed outnifty it bottomed out
now IT index can be accumulated for longterm and short-term through ITBEES cmp 31.84
short-term
cmp 30556
sl 29508 closing basis weekly
target 33174
risk 3% reward 8%
longterm
cmp 30566
sl 27908 closing basis weekly
target 36064
risk 8% target 18%
buy right sit tight
keep position sizing in check
wealth generation takes longterm
CNXIT bullish among all ?CNXIT is pushing higher-highs even after all others have slumped. Price is at a consolidation/retracement at a higher level and also above 20 & 50 SMA .
