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Niftyit

INFOSYS case studyINFOSYS AT 1590 levels is around strong supply zone, Descending parallel channel resistance around 1610 levels Horizontal resistance around 1602 to 1630 as per previous swing high levels, Bearish divergence on RSI with respect to price, Bearish wolf wave formation, where price are trading above the structure formation which indicate overbought situation , counter might face strong resistance in zone of 1600-1630 levels , which should be used to exit long position if any, now fresh investment in this counter above 1670 levels on daily closing basis Down side counter can give retracement till levels of 1500-1480 once reversal is confirmed. Time to be cautious in this counter.
NSE:INFY
by RUDRA007
Why do I think the IT index is going to rally soon?Hi all, hope you guys are doing well. Over the last 2 months, we have seen a great rally in the majority of the indices, except one - The IT index. Read this post to find out why I think IT is going to pump soon! 1. The IT index has been strongly underperforming the benchmark as well as all other sectoral indices for the last few months. I have taken the June lows as a reference because the market started rallying from there onwards. Observe how the IT index is lagging far behind all other indices. 2. In the last few days, the IT index has been strongly improving, suggesting a mean reversion towards the benchmark index - Nifty. Notice the angle of the curve. On the other hand, all other indices seem to be more or less flat. If the market is able to consolidate the gains and maintain the bullish to sideways narrative, the IT index can really perform well in the coming weeks. 3. This is also in line with the structure. If you notice, the index seems to be forming the Wyckoff accumulation schematic in which the "Spring" seems to have been established on 15 July. Currently, the price appears to be bouncing off the range low and may head towards the range high. 4. The market structure has started to shift to the upside. As we can notice, after the formation of the low on 15 July, the price rallied higher creating a higher high. This caused a shift in the market structure. 5. If we get a move above the range high at 31k, it will confirm that the short-term structure has turned bullish and we can expect higher prices, possibly a move towards 34k. 6. All the IT stocks have been forming a similar structure. I am attaching a few charts for reference. 🔹 Wipro: 🔸 Infosys: 🔹 Mphasis: 🔸 Coforge: Thanks for reading. I hope you found this helpful! 😊 Disclaimer : This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk. Happy learning. Cheers! Rajat Kumar Singh (@johntradingwick) Community Manager (India), TradingView
Editors' picks
NSE:CNXITLong
by johntradingwick
24
HCL Technologies Ltd - Trendline Support + Just a View📊 Script: HCLTECH (HCL TECHNOLOGIES LIMITED) 📊 Nifty50 Stock: YES 📊 Sectoral Index: NIFTY IT / NIFTY 500 📊 Sector: Information Technology 📊 Industry: Computers - Software & Consulting Key highlights: 💡⚡ 📈 Script is trading near at its support level which is around 897. 📈 RSI is nearby to its Oversold zone. 📈 script may bounce back from its support level keep an eye on it. 📈 Fundamentals are also strong, one can buy on dips for long term. 📈 if it start moving upward first target will be 990 , Always maintain your Risk & Reward Ratio. ⏱️ C.M.P 📑💰- 895 🟢 Target 🎯🏆 - 990 ⚠️ Important: Always maintain your Risk & Reward Ratio. ⚠️ Purely technical based pick. ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes. Eat🍜 Sleep😴 TradingView📈 Repeat🔁 Happy learning with trading. Cheers!🥂 Happy Navaratri 🕉️ 💃🏻🕺🏻
NSE:HCLTECHLong
by radha_23
IT INDEX looking for 2XAs predicted last time for IT index to sell at 33850, which was followed by 20% correction in the Index and saved capital there. Now looking at the market scenario, IT stocks looking one of the best bets in the Indian sector 1) Golden pocket zone of 2020 bull run 2) Bounced from the long awaited channel trendline 3) Taking support at previous support zone of 25-26k Disclaimer: Chart, data and levels for study purpose only. I am not a financial advisor. Use your intelligence before investing.
NSE:CNXITLong
by Ashray_G
NIFTY IT: Going Long as Risk to reward shifting to longNifty IT Views: Almost 30% correction from TOP of 39k. IT sector has long term benefits due to digitization drive taken across globe. Views: Long Position. Currently taking multiple support at around 26K, this is previous year consolidation area Current consolidation range between 26k to 30k. +ve divergence in RSI. To estimate down side, previous year consolidation low of 24.2k can be taken as Stop loss. Looking at the top of 39k with stop at 24.2k the current position give good risk to reward ratio of 4. This indicates for going long in this sector as technically the Risk-Reward is now shifting for Longs. Top Pick: INFY TCS HCL
NSE:CNXITLong
by sykhan
Tech Mahindra LTD - Trendline + Descending Triangle Breakout 📊 Script: TECHM (TECH MAHINDRA LIMITED) 📊 Nifty50 Stock: YES 📊 Sectoral Index: NIFTY IT / NIFTY 500 📊 Sector: Information Technology 📊 Industry: Computers - Software & Consulting Daily timeframe Trendline + Descending Triangle Breakout. Weekly timeframe Trendline + Descending Triangle Breakout. Key highlights: 💡⚡ 📈 Script is trading at middle band of Bollinger Bands (BB) and taking support of middle band which is SMA20. 📈 MACD is going to give crossover. 📈 Double Moving Averages crossover yet to come. 📈 Script is giving Trendline + Descending Triangle Breakout in both daily and weekly timeframe. 📈 Current RSI is around 56. 📈 One can go for Swing Trade. ⏱️ C.M.P 📑💰- 1090 🟢 Target 🎯🏆 - 1185 ⚠️ Stoploss ☠️🚫 - 1061 ⚠️ Important: Always maintain your Risk & Reward Ratio. ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes. Eat🍜 Sleep😴 TradingView📈 Repeat🔁 Happy learning with trading. Cheers!🥂
NSE:TECHMLong
by radha_23
Are You still Bearish in IT stocks ???IT index and IT stocks was pulling nifty down & we are observing the downtrend since Jan 22 but looking like we are approaching to an end to it. A series of up move is expected in this Index. On an Hourly TF index is bullish above 28k, On a 4 Hr TF index is bullish above 28.5k On a daily TF index is bullish above 29k On a Daily TF index is bullish above 30.5k once the index will hit 30.5k then it will complete a cup pattern + an Inverted HnS pattern on Weekly chart. so Stay tuned to it, Note - These levels are drawn on Fib level & support/Resistance, setup may take time of 3- 6 months. Its not a trade recommendation.
NSE:CNXITLong
by TheStocktrader_Skn