Coforge is taking support on a trendline on 4 Hour timeframe.
And taking a horizontal support too at around 2420.
And according to the short term fibonacci it is exact at 0.236 and according to medium term like from 21 Dec it's at 0.786.
If it takes support at 2420 and Nifty is also bullish then wait for an 1 Hour candle to close above 2450.
Summary For Swing...
Mindtree is trading near its previous resistance (1600), as the market is hitting a new high and near (ATH), there is a good probability of another breakout (Upside) in Mindtree targeting 1700 levels.
Buying zone - 1520 -1600
Target - 1700, 1700+
This analysis is done only for educational & intelligence purposes, invest or trade at your own risk.
According to technical indicators and candlestick analysis looks like the Indian I.T sector share gets overstretched and correction is possible. Also, RSI is in the overbought zone (80), and also in day frame analysis, it has formed a "Shooting Star" pattern (Trend reversal pattern).
Here, by Nifty I.T analysis I am referring to I.T stocks
Eg: NSE:TECHM , ...
THE TITLE PROVES THAT THE STOCK SHOULD BE IN WATCH. AS YOU KNOW THE LAST WEEK SHOWED THAT THE TWO MAIN LAGGARDS WERE PHARMA AND IT. SO THE IT STOCKS SHOULD BE ON THE RADAR.
Beware : Please keep in mind and stay away from False Breakout Traps.
Also this is not any recommendation, it is only for educational purpose.
Trade at your own risk.
Have a Nice day!!
infy i see the stock shown underperformance as compared other stocks and added to it not shown much to help index in the recent upmove
now as index is 1000++ point up in 4 /5 days
a pullback cnt be denied
thus the responsibility to hold comes on shoulder of non perforforming counters
2. TCS moving within a channel since 2nd week of march.
3. It broke a sub channel and 20 ema on 1st of April but found support at lower boundary of bollinger bands.
4. TCS now trading above 20 EMA and since bollinger bands are contracting a brekout is eminent in few trading session.
5. For coming week 1700 will act as strong support. go long above 1800, short below 1700.
NIFTY IT: WEEK-TECH-SHEET->05th August 2019 to 09th August 2019
NIFTY IT moves around +632.85 pips from 05th August 2019 to 09th August 2019, in which nifty IT break last week 29th July 2019 to 02nd August 2019 top 15649.15.
NIFTY IT: WEEK-TECH-SHEET->22nd July 2019 to 26th July 2019
NIFTY IT moves around +380.35 pips from 22nd July 2019 to 26th July 2019, in which nifty IT break last week 15th July 2019 to 19th July 2019 bottom 15363.05.
NIFTY IT: Breaks March Bottom: 15202.05