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CNXIT

NiftyIT - CNXIT - Weekly -Cup and HandleNifty IT Weekly analysis of the Nifty IT Index, showing a Cup and Handle pattern Key Insights: Cup and Handle Pattern: The pattern began forming around mid-2022 and completed by 2023. The breakout from the handle occurred around 38,539.00, which is a critical support level now. Measured Move and Target: The chart projects a potential upside target near 51,077.75, based on the height of the cup. A 48.01% gain from the lowest point of the cup is also marked, giving more context to the potential upside. The measurement from the cup's bottom to the breakout level shows a 32.48% gain potential from the breakout point. Price Action: The index reached a recent high of 43,645.90 before pulling back slightly to 42,089.30. The pullback might be a healthy consolidation after the strong upward move. Support Levels: Key support is identified at 38,539.00, which was the breakout point of the handle. The chart shows another strong support level at 26,164.20, which was the bottom of the cup, though this level seems far from the current price. Conclusion: The Nifty IT Index appears to be in a bullish continuation phase after breaking out of a multi-month cup and handle pattern. While the target of 51,000 seems plausible, a healthy pullback or consolidation might occur around the 42,000 to 38,500 levels before further upside. The CNX IT (Nifty IT) index consists of the major IT companies Here's a list of the top stocks that are generally part of the Nifty IT Index: Tata Consultancy Services (TCS) Infosys Ltd. Wipro Ltd. HCL Technologies Ltd. Tech Mahindra Ltd. L&T Technology Services Ltd. Mphasis Ltd. Coforge Ltd. Persistent Systems Ltd. LTIMindtree Ltd.
NSE:CNXITLong
by VCharts_TA
CNXIT BULLISH ! 1. Resistance Breakout: - The index has historically faced selling pressure at 38,653 - 38,405 Zone, causing it to reverse or pause its upward movement. - When a stock breaks above a strong resistance level, it means that buying demand has overwhelmed the selling pressure at that price point. This breakout is a positive sign, indicating that the chart may move higher, especially if it is a clean break (i.e., it closes significantly above the resistance level). - The **strength of the breakout** is often measured by the volume of trading activity. If the breakout occurs on **high volume*, it indicates that a large number of market participants are involved, adding credibility to the When a stock breaks through a strong resistance level and retests that level with good volume, it can signal a strong bullish move. Here's a detailed breakdown: 2. Retest of the Resistance Level: - After the breakout, it’s common to see a retest of the previous resistance level, which now acts as a support level. This retest occurs as some traders may take profits, or there may be some temporary selling pressure as the market re-evaluates the new price. - If the stock successfully holds above the previous resistance (now support) on the retest, it confirms that the breakout was valid. This gives bulls (buyers) more confidence that the level will hold and that the stock has further upside potential. 3. Volume Confirmation: - A retest with good volume is essential. If the stock holds the new support on strong volume, it signals that buyers are stepping in to defend the level, further reinforcing the idea that the stock is in a bullish phase. - Conversely, if the retest occurs on low volume, it may indicate a lack of conviction from buyers, and the breakout may be prone to failure. 4. Bullish Expectations: - When a stock breaks out of resistance and successfully retests it with strong volume, the expectation is that the stock will enter a new bullish trend. The prior resistance has now been transformed into a solid base of support, and the stock may experience momentum buying, pushing prices higher. - Traders often see this scenario as a low-risk, high-reward setup. Their stop-loss would typically be placed just below the new support level, while the upside target could be based on previous price patterns, such as Fibonacci extensions or previous highs. 5.Target : - it is on its all-time high targets on fib zones,pivots 0r based on future price action basis. # Summary: - **Breakout of strong resistance Indicates potential for higher prices. - **Retest of resistance as support Confirms strength of the move if support holds. - **Good volume on retest: Adds confidence in the bullish move. - **Bullish expectation Likely continuation of the upward trend. This combination forms a high-probability bullish setup in technical analysis. #cnxit #itsector #nifty
NSE:CNXITLong
by Sateesh07
CNXIT // Levels // 1 hour "Welcome to SkyTradingZone " Hello Everyone 👋 CNXIT (Nifty IT) index on a 1-hour interval Support Levels: These are price levels where the index historically tends to find buying interest. Look for recent lows or previous points where the price has bounced back up. Resistance Levels: These are price levels where the index has historically struggled to rise above. Look for recent highs or points where the price has reversed downwards. Support Levels: 42,800 42,500 Resistance Levels: 43,200 43,500
NSE:CNXITLong
by SkyTradingZone
CNXIT // levels // 1 hour "Welcome to SkyTradingZone " Hello Everyone 👋 Support Levels Definition: A support level is a price point where a downtrend is expected to pause due to a concentration of demand. It represents a level where buyers tend to enter the market, which prevents the price from falling further. Identifying Support: Support levels can be identified by looking at past price movements. If the price has bounced off a certain level multiple times, that level may be considered support. Trading Strategy: Traders often look for buying opportunities around support levels, anticipating that the price will rise again after hitting this level. Resistance Levels Definition: A resistance level is a price point where an uptrend is expected to pause due to a concentration of supply. It represents a level where sellers tend to enter the market, which prevents the price from rising further. Identifying Resistance: Resistance levels are identified similarly to support levels. If the price has hit a certain level multiple times and failed to break through, that level is considered resistance. Trading Strategy: Traders often look for selling opportunities around resistance levels, anticipating that the price will drop after reaching this point.
NSE:CNXITLong
by SkyTradingZone
Nifty IT Levels For Long or swing TradingNifty IT Chart Overview: Current Value: ₹24,7801. Recent Performance: 1 day: +0.76% 5 days: +1.47% 1 month: +2.40% 6 months: +12.59% Year to date: +15.11% 1 year: +29.61% 5 years: +127.45% Key Data Points: Volume: Not specified Previous close: Not specified Open: Not specified Day’s range: Not specified Recent Analyst Views (August 22nd): Price was moving in a wide range for two days and broke out above the consolidation range. Buy Above: ₹24,780 Stop Loss: ₹24,740 Targets: ₹24,820, ₹24,860, ₹24,890, and ₹24,920 Sell Below: ₹24,680 Stop Loss: ₹24,720 Targets: ₹24,640.
NSE:CNXITLong
by Optionclub
CNXIT or Nifty-IT Levels For Swing Trader's #stocksCertainly! Here are the intraday trading levels for the CNXIT or Nifty-IT : Intraday Trading Levels: For intraday trading in CNXIT or Nifty-IT , consider the following levels: Support & Resistance Trend Lines from Daily Chart: These trend lines provide important support and resistance levels. Previous Day High (PDH) and Previous Day Low (PDL): These levels act as support and resistance during live market hours. Remember that trading involves risks, and it’s essential to have a well-defined strategy and risk management plan. NOTE #This channel Purpose to share market ideas. Thanks for Watching🙏
NSE:CNXITLong
by Optionclub
CNXIT | ITBEESDisclaimer: This analysis is solely for educational purposes and does not make me a SEBI registered analyst. If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you. 🔍 More Analysis & Trade Setups 🔍 For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
NSE:CNXITLong
by Munish_Jain
3
Ride the Wave: KPITTECH- Breakout Signals Profitable OpportunityKPITTECH, has recently caught the attention of traders with its impressive momentum. stock experienced a breakout from the bullish trendline, marking a significant turning point. Currently, the stock is testing its breakout at trendline which was supply line before breakout, which has now transformed into a demand line. 📊 Key Analysis Points 📊 When examining the daily timeframe, it's clear that the stock is holding above its breakout level with minimal volume, confirming the bullish outlook at retest of breakout. Zooming in to the 75-minute timeframe, we observe a bullish RSI divergence, providing additional confirmation for a buy entry at the retest of the trendline breakout. Moreover, analysing the volume on the 75-minute timeframe, we notice that the majority of bullish candles exhibit higher volume, surpassing the 50-day moving average of volume. This indicates a significant buying interest and reinforces the bullish setup. Based on this analysis, we can plan our buy trade if the price surpasses today's high at 1067. Once the breakout is confirmed, we can enter the trade at 1069. To manage risk, it is recommended to place the stop loss below the previous swing low, around 1044, it's prudent to keep a buffer and set the stop loss at 1041. it's crucial to trail stop losses to secure profits as the trade progresses. 🔍 Educational Insights 🔍 Before concluding this analysis, let's clarify some technical terms used: 1. Breakout : This refers to a price movement that surpasses a key resistance level or trendline, indicating a potential shift in market sentiment and often leading to further price appreciation. 2. Volume : It represents the number of shares or contracts traded during a given time period. Analysing volume can provide insights into the strength or weakness of price movements. Curious about volume? Check out my educational article on volume analysis that made it to TradingView's prestigious Editor's Pick: 3. RSI (Relative Strength Index) Divergence : RSI is a popular momentum oscillator. Divergence occurs when the price and RSI indicator move in opposite directions, indicating a potential trend reversal. curious about RSI Divergence? Learn more in my educational article on Divergence, chosen for TradingView's Editor's Pick: Remember, this analysis is for educational purposes only and does not serve as financial advice. As a reminder, I am not a SEBI registered analyst. If you found this analysis helpful, please like and share your observations in the comments section below. Your feedback keeps me motivated to consistently provide valuable content. Don't forget to follow me on TradingView for more articles and trade setups. Let's connect and grow together! 😊📈 Follow me on TradingView for more: in.tradingview.com "The only way to do great work is to love what you do."
BSE:KPITTECHLong
by AfnanTAjuddin
1