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NIFTY IT Sector Analysis (1W TF) - 16th December 2023

Nifty IT Index (NSE:CNXIT)  
TradeRyteStockz Updated   
NSE:CNXIT   Nifty IT Index
Trend Analysis Chart Patterns Technical Indicators Stocks Trend Line Break chartanalysis priceaction techincalanalysis swingtrading niftyit supportandresistancezones traderyte
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#NiftyIT Sector Analysis (1W TF)

Pattern: TRENDLINE BREAKOUT

- Breakout of Resistance - Done ✓
- Major Resistance Breakout - Done ✓
- Retracement & Consolidation - In Progress

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Comment:
Nifty IT Sector Update (as on 16th March, 2024)
(Our view is based on a Weekly and Monthly Time Frame only)

- Since Mid of December, 2023; the Sector has been showing good strong consistent moves
- Price action clearly shows a buildup back to the resistance
- The Weekly Resistance & Support Levels were respected the last 3 months
- Right now, we are at the Support and if the market sustains we should look at another upmove in some good fundamentally strong stocks

- My Focus will be on the following IT Stocks:
✓ Large Cap - TCS / WIPRO / INFY
✓ Mid Cap - PERSISTENT
✓ Small Cap - CIGNITI
Comment:
NIFTY IT Stocks in Focus on a Weekly Time Frame Analysis:

- Tech Manhindra (Reversal)
- Wipro (Reversal)
- TCS (Reversal)
- Cigniti (Breakout)
- Sonata Software (Reversal)

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Disclaimer

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