merushi22

NIFTY IT:Is it counter trend opportunity

Long
NSE:CNXIT   NIFTY IT
2
IT index is trading in a down trend channel. Index is trading at lower level of channel where I found FIB support cluster area (9378-9580) as it is weekly chart the support area range is 200 point. As long as index manage to hold this level on weekly basis I will consider it as a counter trend opportunity. If odds comes in our favour index may touch upper level of channel in few weeks.