BUDGET 2024: Technical Outlook & Money Flow in Different SectorsNSE IT SECTORS NSE:CNXIT
TREND: POSITIVE
India IT sector is currently on an upward trend.
After a bullish Pole & Flag pattern was spotted on the chart, a breakout occurred leading to a surge in index and the formation of a bullish Pennant pattern.
Encountering resistance at the 38,600 level, the IT index underwent a correction and consolidation phase.
During this consolidation, a Rounding Bottom pattern emerged, suggesting a potential continuation of the trend.
Since the breakout, the index has successfully maintained levels above the breakout point and is steadily climbing higher.
NSE FMCG SECTORS NSE:CNXFMCG
TREND: POSITIVE
The chart shows a strong uptrend.
In the past, there was a bullish Pole & Flag pattern formation, resulting in a surge after the breakout.
The index faced significant resistance at 58,000, causing a correction and consolidation.
A Cup & Handle pattern appeared emerged in the chart, suggesting a potential continuation of the trend.
The recent breakout in the cup & handle pattern suggests that the FMCG index has managed to stay above the breakout level and is gradually moving higher.
NSE METAL SECTORS NSE:CNXMETAL
TREND: NEGATIVE
The metal industry underwent a period of consolidation time and again in the past.
Reaching a peak near the 10,200 level, the metal index consolidated again, and a recent breakdown suggests a potential downward movement.
Looking at the downside, the 8,800 level could serve as a solid support, leading to a possible rebound in the index.
NSE MEDIA SECTOR NSE:CNXMEDIA
TREND: NEGATIVE
A bullish Ascending Triangle pattern was visible in the chart earlier.
Instead of breaking upwards, the index experienced a breakdown, marked by a powerful bearish marubozu candle.
Furthermore, the support level was breached, leading to a notable decline.
The index eventually found support and traded within a box pattern.
Following the breakout, the index rallied but encountered resistance at the former support level, now acting as a resistance post-breakdown.
It is anticipated that the Media index will continue to decline and potentially find support around the 1,750 level.
