CNXIT has broken the low of 3rd downwave around 10000 (very important support level ). Should bottom out at around 9400-9600.
CNXIT continuing the fall. Should bottom out and start moving up before Nifty. Large Value/Contrarian buyers should start buying at around 9400-9600.
CNXIT 9400-9600 levels are coinciding with Infy's 930-60 & TCS's 2100-2200 which are valuation (fundamentally) levels not seen in decades. I am sure large institutional are keenly watching and will start buying soon. Smart money will move in beaten down but strong sectors like IT & Pharma. Traders watch out for hammer or Doji on weekly charts for initiating long positions. Nice 2000-2500 point rally will take place in CNXIT once bottom is made.
Trade closed: target reached:
Target Achieved. As expected, CNXIT has made a low of 9327 and now trading at 9800. Now bottom is in place. It should consolidate between 9400-9600 and then bounce. It will take some weeks.