NeeteshJain
Long

CNXIT: POSITIVE CHANNEL SETUP

NSE:CNXIT   NIFTY IT
It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as resistance.

Target: 10150
Stoploss: 9200
Risk Reward: 1:1
Trade closed: target reached: Target reached successfully, IT looked strong. Regards
nice one
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HELLO SIR IT LOOKS LIKE SHORT COVERING
+1 Reply
NeeteshJain mayanksb10
@mayanksb10, Yes, well said Mayank. Regards
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Thanks Neetesh! Something Bullish in the current Bear run. :)
+1 Reply
@nirav5, Sure, Thanks NIrav, Regards
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Thanks again for the excellent analysis. It is my personal opinion that the IT stocks have been at the receiving end for some time and when the markets resume their uptrend the IT stocks may be at the forefront.
+1 Reply
nirav5 ShanTrader
Agreed Shan.
+1 Reply
@nirav5, Thanks Nirav. A weaker rupee would also benefit the big IT companies as a large portion of their earnings are in foreign currency.
+1 Reply
NeeteshJain ShanTrader
@ShanTrader, Well said Shan, Regards
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