We expect NIFTY IT Index to go up. We support our Analysis with both Fundamental & Technical.
Technical Analysis
Index has strong support at 28600 followed by 28000. With a hammer like formation at support indicates buying in stocks of NIFTY IT. One can go long with SL of 28000.
Fundamental Analysis
Fibbonacci Retracements: Index has formed a Bullish Hammer exactly at support and also at 23.60% retracement. One can go long with the given SL diversify according to the constituents. Since it is formimg bullish candle at 23.60% the targets will be 38.20% & 61.80% respectively.
Gap: NIFTY IT Index filled its previous gap made on 11 November 2022 & a hammer like candle formation exactly after filling the gap indicated buying opportunity. Also, a big gap was also made on 18 April 2022 & this is at 61.80% of retracement.
Overall We expect NIFTY IT Index to go up & one should find a buying opportunity in the stocks of NIFTY IT Index and Diversify the weightage perfectly which will help you manage your Risk.
Technical Analysis
Index has strong support at 28600 followed by 28000. With a hammer like formation at support indicates buying in stocks of NIFTY IT. One can go long with SL of 28000.
Fundamental Analysis
Fibbonacci Retracements: Index has formed a Bullish Hammer exactly at support and also at 23.60% retracement. One can go long with the given SL diversify according to the constituents. Since it is formimg bullish candle at 23.60% the targets will be 38.20% & 61.80% respectively.
Gap: NIFTY IT Index filled its previous gap made on 11 November 2022 & a hammer like candle formation exactly after filling the gap indicated buying opportunity. Also, a big gap was also made on 18 April 2022 & this is at 61.80% of retracement.
Overall We expect NIFTY IT Index to go up & one should find a buying opportunity in the stocks of NIFTY IT Index and Diversify the weightage perfectly which will help you manage your Risk.