AbhishekHSinghCMT
Long

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

NSE:CNXIT   NIFTY IT
446 8 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
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
IT charts are all pretty bullish..... Wipro, TCS, Infy & Techm are all pretty good to invest right now!!!

Reply
@n.bhaskar1993, Yes true, but I have to check TechM as I have been following it since long time -recently missed because of time shortage.
Reply
n.bhaskar1993 AbhishekHSinghCMT
@AbhishekHSinghCMT, Wipro is a good buy as long as it stays above 494.50
Reply
n.bhaskar1993 n.bhaskar1993
@n.bhaskar1993, correction* not Wipro ===> Techm
Reply
Seems breakout from the falling channel.. Time to go long isnt it??
Reply
@RV4241, 10590 crossed so -long has been activated & going beyond channel confirms further- one should never rush if you did not took long above 10590 & wait for a pullback to enter long positions.
Reply
Hi,
Thanks for update .
curious : any specific reason you have taken 2 day chart and not daily or weekly chart ?
Reply
@neneram, There is no specific reason- It was not fitting in better view so took larger timeframe, usually I take larger timeframes as we get bigger moves.
Reply
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