Game Over For IT Stocks ???
Bearish Engulfing On Daily Charts & Spinning Top On Weekly Chart.
MACD Also Turned Negative.
Profit Booking Might Take Place In IT Stocks.
Be Cautious
SL - 35600 (DCB)
Nifty IT, looks like it has completed wave 3rd of bigger degree wave 5th, now it could started steps towards wave 4 as corrective,
as per sector views it stocks could show little bearishness as per index predictions.
Wave structure
Macd in daily time frame Negative crossover
Rsi downtick in daily time frame
trendline breakdown in hourly time frame
adx dmi...
Nifty IT index is testing a support trendline that it has tested before (But managed to take support).
But how will it react this time?
Keep this on your radar. Big shots like TCS and Infy are breaking down by big numbers.
Please like and follow. NSE:CNXIT
NIFTY IT is on monthly trend line resistance. Please avoid holding IT stocks for upmove (Mid Term or Long term). IT looks exhausted and we may see correction coming soon. Also, to support above statement, INR will get stronger against USD in coming times and this will lead to IT companies share prices coming down.
