karanwealthape
Short

NSE IT Sector Looking Bearish with Descending Triangle

NSE:CNXIT   NIFTY IT
Hi Traders,

NSE IT Sector Looking Bearish with Descending Triangle as per chart.

Bearish View due to below point:

1) NSE IT Index forming Lower High & Lower Low.
2) NSE IT Index form Descending Triangle pattern on chart.
3) Heavy Weight stock of IT index like TC , Infy looking weak on chart.
4) TCS Faced resistance at higher level & got reversal to downward.

Important Support
1) 200 SMA placed at 15380 point
2) Support 1 at 15070 from where NSE IT index reversal in month of July
3)Breach of Support 1 will take index to next support 2 placed at 14170 almost 900 point downward possible.

Oscillator Indicator:
RSI taken support 2 or 3 times at around 40 -43 level.
IF it is breach & 200 sma also breach sure shot short on cards.

Happy Learning );

Disclaimer : This is post only for educational purpose . Do your analysis before taking position or trading.

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