Is Indian I.T sector rally over? " Shooting Star Pattern"

Nifty IT IndexNSE

Description

⋅ Oct 8, 2020 12:35 PM

According to technical indicators and candlestick analysis looks like the Indian I.T sector share gets overstretched and correction is possible. Also, RSI is in the overbought zone (80), and also in day frame analysis, it has formed a "Shooting Star" pattern (Trend reversal pattern).

Here, by Nifty I.T analysis I am referring to I.T stocks
Eg: NSE:TECHM , NSE:TCS

This analysis is done only for educational & intelligence purposes, invest or trade at your own risk & will.

Comments

gjain2725

⋅ Oct 9, 2020 2:26 AM

hey buddy, how to short nifty it, is there any way?

pradumnasaraf

⋅ Oct 9, 2020 2:30 AM

@gjain2725, As per my knowledge, we can't

arul1021988

⋅ Oct 10, 2020 2:44 AM

@gjain2725, Short a lot of Nifty Futures

JPOW2

⋅ Oct 11, 2020 6:05 AM

@gjain2725, buy a put option contract

Prajwal19

⋅ Oct 11, 2020 1:36 PM

@gjain2725,

You can short HCL Technolgoies. It's result expected to be worst by friday Quartely results!.

vivek.mj

⋅ Oct 9, 2020 1:35 PM

it needs to have a followup which it did not have.

pradumnasaraf

⋅ Oct 10, 2020 5:35 AM

@vivek.mj, Indeed

kap.sni

⋅ Oct 9, 2020 10:04 AM

A single pin bar cannot be trusted I think. it's unreliable in my exp.
Let's see, I definitely will have a look at it. Might be a good shorting opportunity.

pradumnasaraf

⋅ Oct 9, 2020 11:26 AM

@kap.sni,After running through several analysis I was able to post that and after all it’s just a thought, that’s why I haven’t mentioned any level to short it and leave it with “ ??” .

sankatradesindia

⋅ Oct 13, 2020 3:36 AM

Don't think technical charts are going to be that important in the sector. The results being posted by the company are only going to carry the sector upwards. In fact, any dip is a buying opportunity. My 2 cents.