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.