NIFTY IT SECTOR CNXIT WAVE STRUCTURE

This sector has completed corrective waves as wave A-B-C and now possibly wave X has been started as a retracement, Once it closes above 20DMA (middle Bollinger band on daily chart), then it can show good strength and go towards north directions, up to 38.2% of whole recent fall as wave A-B-C. Some price actions and some indicators are suggesting reversals after bearish fall, which are mentioned below.

Hammer Sentiments, on merging last two candles on weekly chart

price action is bullish piercing candle on weekly

macd positive crossover on daily chart

Stochastic positive on daily chart

After oversold, now RSI is again above 40 levels on daily chart

dmi adx positive on hourly chart

dmi adx converging towards positive in daily chart

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I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.