HCL TECH is in PBZ. A green candle is being formed today bouncing from an important zone. If today's' candle is sustained, one can enter long according to the WWL setup. Target should be according to STM method and SL can be below today's candle low.
Tech Mahindra seems exhausted now and is not participating in the Amazing IT rally that we have seen. It can be considered the weak link in the It index even though it has given a wonderful return. Technically TechM has closed with a graveyard candlestick which indicates a reversal in the uptrend. One can enter into a short position around 870-875 with a strict SL...
Nifty - Technical Analysis:
-Nifty ended 88 points, or 0.76 percent, down at 11,516.10.
-Technology is the only saving grace and the only sector in green but that too has come off. Key victims today are metals and auto.
-Divergence in RSI was observed as NIFTY was unable to cross the resistance zone. We can see selling pressure below 11470
Market - Driving...
Max Pain at 710
Go Long among All-time high. ( 734)
Huge Put writing at 700 which will act as strong support
Tech Sector is in good momentum.
Nifty IT gave a recent Darvas Breakout.
This Analysis only for Educational Purpose
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.
The price has formed a bullish triangle pattern, and it seems like this may provide a good long opportunity.
Wait for a breakout above the hypotenuse of the triangle to go long. The target for the trade will be the previous high point @2357.
SL @ 2230.
focus on it stocks, Currently it formed flag pattern .
As per fib level of 3.618 is matching with previous resistance @ the level of 16140.
So expected moving points are 600 points from current level of 15545..
So Focus on IT Stocks. Next week some IT Stocks are in result..
Wipro - 14th July.
Infosys - 15th July.
L&T Infotech - 15th July.