Now today is the time of the technology companay but indian IT index is not show any strength and not lead the market rali, This is not support and participate the rali the main reasion is the structure of the Nifty Index.
This index higher weightege stock not perform most in the correction phase hence this index is underperform the market.
This is not a perfect analysis for "Harmonics" because harmonics activates only when level "B" breaks, and bullish harmonics usually use to buy only but here m presuming the bearish move. So my view may be wrong but by looking at the all red day candles i'm assuming the bearish move.
IT sector has now bottom out now we can see reversal in it stocks but try to trade in large cap or few selected midcap stocks like- Infosys , Mindtree , TCS
this is only for educational purpose only -
Looks like IT index 4th wave may have just ended.
Now big 5th wave can come..
Keep stop loss 30400
Target can be 24000 to 22500..
Risk reward is super.
cmp 29900
NIFTY IT index is currently at a potential reversal point suggested by the XABCD bullish crab pattern and low RSI value on the daily timeframe.
The bounce may be up to 0.382-0.618 fib zone extension of CD.
This doesn't mean IT would reverse its trend from here. Before the budget, it might test important resistance 36750. This might be just a correction for the...
