Nifty IT IndexLong
Nifty IT
Updated
IT industry has been in a bearish tone forming lower high - lower low since Q2-2015. The industry is under pressure with margins and visas followed by blow of Rupee appreciation.
For short term, 9,880-9,900 stands to be crucial support. The reverse Bullish AB=CD around 9,900 at rising trend line indicates reversal on cards. As per time analysis, the previous rise and fall took 55 trading days and if go by "history repeats itself", the reversal can take place on 25th April (+/- 2 trading days). RSI is back in an oversold territory.
TCS will be releasing results today which has weight age of ~45% in IT index will be important to watch. The above view on IT index will negate on a close below 9,800.
For short term, 9,880-9,900 stands to be crucial support. The reverse Bullish AB=CD around 9,900 at rising trend line indicates reversal on cards. As per time analysis, the previous rise and fall took 55 trading days and if go by "history repeats itself", the reversal can take place on 25th April (+/- 2 trading days). RSI is back in an oversold territory.
TCS will be releasing results today which has weight age of ~45% in IT index will be important to watch. The above view on IT index will negate on a close below 9,800.
Note
Reversal from AB=CD levelTrade active
Trade active
Note
Booking part profits
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