Boult2100

Buy CNX IT - Good risk reward.

Long
NSE:CNXIT   NIFTY IT
109 views
4
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.

Cheers!
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.