Nifty IT - Correction on cards?

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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.