AbhishekHSinghCMT

CNXIT - Has the Up -Up & Away Started@9500-9600 Zone

Long
AbhishekHSinghCMT Updated   
NSE:CNXIT   NIFTY IT
17
Total gain was 1200-1300 points from last session

The move from 9295 to 10590 looks like an initial impulsive upside push has completed & later move from 10590 (Critical Level) -it was some complex structure which could have completed the corrective sequence at recent lows@9592 or part of the correction which will be confirmed once it starts moving above 10590.

Trading Strategy
Once it starts moving above 10590 -that will be our initial clue to take long position & later on should cross the falling channel & finally sustain above the channel for an explosive move upside. Moving above 10750-10800 zone likely it travels 161.8% of the initial push from 9295 to 10590 which comes in the zone 11700-11800 as the target zone.

or if it fails to cross 10550 & sustains below 10400 for a day or 2 then likely this correction becomes a time consuming affair & shall possibly dip again.

Review of the last scenario
Bang On for the move - sell setup gave 500-600 points move downside & waiting for markets to show us the way next - which indeed jumped from 9590 lows & travelled close to swing highs 10550(Key Level)
- almost 700 points more on the upside.

You would love to read my previous updates

CNXIT - W=Y=Z is the Equation Solved- Another Clue for India Nifty

CNX IT - Revist - Sell Setup below Rising Trend Line
Trade active: 09:40 Hrs 21st Feb2017

Last Price@10760

Very Strong - Channel Crossed & moving as expected above 10590 -Wow!
Trade active: 22:30 Hrs 4th March2017

Last Price@10806

Price has crossed the channel, but doing very suspicious just above the same, so bulls have to be careful here for coming sessions.

Trade closed manually: 20:00 Hrs 9th April2017

Suspicious - Suspicious & Suspicious . Falls from 10800's to 10500

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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