IT index is very bearish and has broken many critical levels Broken 20MA and 50MA in Day chart levels last week It broke 20MA level in Weekly chart today - But still have to wait and see if the close of the candle is well below the 20MA level. Fed meeting results will have a major influence.
Support levels: 1. 34500 - Support level + Trendline support 2. 32900 - 200MA level in Day chart + Floor of the channel 3. 31000 - 50MA level in Weekly chart + Fibonacci level 4. 29250 - Strong support level
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First target reached. Since Mar 2020 fall, IT didnt see the regular 38% correction. It is trading in a 2Y uptrend channel. And currently at a very strong support level. There are multiple support taken at this level in the past 5 months. But today, the support level is also the floor of the channel which is a very crucial point. Only a strong news can make a move from here, upside or downside.
34500 was hit within few hours. Since NASDAQ is again down by close to 5%, big fall can be again seen tomorrow breaking 2 years trendline to reach other support levels downside.