For Last 2 years NiftyIT is in a pattern where it Falls then Retraces 0.618 then moves back to 1.27 extension of the previous fall, Currently Nifty IT is at a very crucial point as it is at 0.618 retracement and at a long term downtrend line...
Shorts can be made for the targets of 8800...
CNX IT chart shows a wonderful performance overall, and its sharp fall on Friday is just an aberration.
Once Nifty completes its upcoming downfall, IT stocks could be heavily invested in.
It is been observed on hourly chart that the price action breaks above downward trend line indicating a further move up. It shall now retrace back to 50 fibs level at around 475 levels.
It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as...
It is been observed on daily chart that the price action is breaking out from a downward trendline with an uptrend channel formation. It is slowly and gradually moving up the price levels while respecting the resistance and support levels of the said uptrending channel. It shall further move up to the next resistance level at around 460-65 levels.
Target:...
