nano6yogesh

Nifty IT - Correction on cards?

Short
NSE:CNXIT   NIFTY IT
IT NSE:CNXIT has been a strong sector which hardly corrected when Nifty was falling since Karnataka election results.

However, today’s candle is a Bearish one with a long upper shadow.

Also, it faced stiff resistance around 61.8% retracement of previous fall from ~ 14300 levels.

I also observed the USD/ INR chart and feel that Dollar has topped out against the Rupee for short term at least.

All these factors indicate that a large correction in IT may be due taking it below 13000 levels.

Took short positions on some IT stocks like TCS , Infosys , KPIT today.

Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.

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