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.