sgor1980
Short

NIFTY IT: Divergence Witnessed

NSE:CNXIT   NIFTY IT
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Dear Readers,
In my previous post on CNXIT , "NIFTY IT : Will It Join The Bear Rally?", the link to which has been attached with this post, it was expected that it would complete its southward movement started from 12908.10 at the end of January or the first week of February of this year, considering the intermediate corrective movement, which started from 9295.25, got completed at or around 10350.
However, the intermediate corrective movement in CNXIT got extended, which seems to have completed at previous day's top. Yesterday CNXIT not only touched the upper resistance line of the channel line, as shown in the chart, but also breached it by minor points and settling below the same resistance line. The same resistance line shall not be breached on closing basis.
Besides, today's sharp fall have created a divergence in the same and given rise to the possibility of the start of the southward movement.

Disclaimer: All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only.
Trade active: Short @10800 (CNXIT Future), spot price is @10780, target 10500, 10350 & 10200, stop loss 10980
Trade closed: target reached: Thursday (previous day)
last trade price : 10080
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