Buy CNX IT - Good risk reward.

CNXIT has factored in all the possible bad news in the last 4-5 months. On 1st Feb, it sold off significantly on the back of H1B VISA fees hike news but it made a higher low around 9600 and made hammer on daily charts . Now on the verge of making hammer on weekly charts indicating that selling has exhausted in the near term. Almost all the results are out. Huge build up in F&O in all IT stocks, indicating people are hedged and/or short, coupled with value buying, this fusion can lead to significant rally in the near term.

First target is 10500-600 which coincides with 200 DMA and upper end of the falling channel . Real rally will start above 10600-700.

Comment: CNX IT is flying at the moment. :-)
Comment: CNXIT has been up by more than 300 points since recommendation. 10550-700 first resistance zone.
Comment: 550 points in just 3-4 trading sessions. Phenomenal! Booked all profits at 10530. Will wait on sidelines for a dip to 10200-300 or breakout above 10600-700.


That's a very fine idea but could you please specify the timeline (beside weekly chart) and SL? Again, well spotted.
Boult2100, Thanks Sanjoy. CNX IT can be bought even now with SL 9850. Infy can be bought at 930 now with SL 899. Though we took positions yesterday in Infy at 922, TCS at 2172 & CNXIT at 9850 with SL at morning lows. I couldn't get time to post this idea.
@Boult2100, Np, better late than never... I'll follow up...
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