Boult2100

Nifty IT - Ferocious rally in store? Wave 3?

Long
NSE:CNXIT   NIFTY IT
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3
This is in continuation of my earlier post on CNXIT . CNXIT seems to have completed its intermediate correction at 9300 on monthly charts coinciding with lower end of the falling channel . Last week it made a higher low at 9750 and started to move up again. Possibly the largest 3rd wave has started which may take it to upper end of channel at around 10700-800, 200 SMA is also there. Dollar rally, weakness in rupee, reasonable valuations are also supporting this hypothesis. Long with SL at 9700.

Comments

Nice chart, but impulses, 1-3-5 always subdivide into 5. Don't see 5 inside w(1). 1005-1010 is big resistance for Infosys.
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