Fond of Maths as a Mechanical Engineer- get excited when the equations were part of the problem as it really test your brains & you get pumped up when solved. Here CNXIT gave us an equation since 2015 top@12908 which likely looks solved with W=Y=Z on the lows@9295. Placed on the channel bottom-Z-wave seems done & has potential for crossing 12908- its 2015 top in coming months.
What will happen if CNXIT moves up- are you getting a clue for India Nifty- Ask these questions to yourself.
Trading Strategy Look for a pullback between 9900-9950 on a short term basis for an upside move beyond 10200- once done, then look again for a pullback for taking longs.
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11:00 Hrs 1st Dec2016
Last Price@10022
Likely to kiss the sun 9900-9950 - if sustained & holds that could be demand zone -so we will wait & watch & going above 10000 after making lows in the zone 9900-9950 or close by we will be interested in buying for targets above 10200+
Comment
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11:25 Hrs 1st Dec2016
Sorry for typing mistake - "zone" not "sun"
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21:45 Hrs 3rd Dec2016
Last Price@9922
Done & Out -the fall as expected. Now we shall look if 9900 -9950 zone holds if it holds & starts moving upside that could be the clue for up move.
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12:00 Hrs 10th Jan2017
Recent High@10590
Comments
sanjivt
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Excellent observation Abhishek.....now we seem to have completed 1st wave up from the 9295 bottom.....one should look to buy dips below 10,000 (50% retracement of the entire rally)....if it obliges :)
theeye
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Abhishekji, chart looks good but just wondering if the Brexit outcome and Europe election will affect the IT industry.
WaveTalks
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@theeye, so that's why I said we will see first a fall in the zone 9900- 9950 if holds & starts moving upside above 10000 mark then we will buy with recent low as stops- market is not risk free as we all know, some risk you have to take & losing money at times should not be obstruction. Yes, if you are losing daily then its a worry point.
nirav5
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Thanks Abhishek. That will help.
WaveTalks
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@nirav5, Welcome. It will serve as a guide to future market moves.