sgor1980

NIFTY IT : Will It Join The Bear Rally?

Short
NSE:CNXIT   NIFTY IT
1
Dear Readers,

We have been witnessing sluggishness in the Indian Stock Market for the last quite few sessions, and the same has been prevailing till today's trading sessions. There may be many reasons behind it, one of them looks to be the rally in the NiftyIT, while other stocks and sectoral indices giving southward movement. NiftyIT, from its recent low of 9295.25, has given more than 1000 points rally till today.

Though, it is still not confirm that whether it is an impulsive rally or a corrective rally, at first look at the chart, it looks to be a corrective in nature. If this is true, the inner wave C of 4 of (V) of wave C looks to have got completed giving due consideration to internal wave counts on 15 minutes time bar scale, and it may join other sectoral indices' southward movement giving the market boost to it movement to further low. NiftyIT may get bottomed out around the end of January, 2017 or first week of February 2017.

Disclaimer: All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only.
Comment: NiftyIT, today, opened slightly higher than its previous days top. But failed to sustained and as expected seems to have joined the bearish rally. However, I would stick to my 100-200 points safe zone from the previous day's close for any unwilling adverse movement. Still, the zone that has opened up may give a big shot on it.
Wish You All Best Luck! Don't forget to wish me too..! ;)