bijoy2526

NIFTY sectorial rotation, nifty forms higher high and higher low

NSE:NIFTY   Nifty 50 Index
IT and Pharma sector stocks were buzzing today.
nifty midcap 100 was outperforming.
Auto sector again coming in to focus.
after good quarterly result all the IT stocks have under gone appreciable correction
fresh leg of impulse leg seems to be starting there.
all most all the pharma stocks were rallying.
it is appearing when rally in one sector is maturing the baton is passed to the other sector.
no body can deny the long pending rally in IT sector, if it commences as they have undergone appreciable correction.
metal sector is in its own rally after multi year correction.
it is to be only seen when again the rally of banking stocks starts. Simply grabbing the baton which may be passed to it.
sgx nifty was right now has already touched 20 dma ,same expected from nifty tomorrow.
as nifty is forming higher high better to be in the trend unless it is violated.
obvious target is the channel line shown in the chart.
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