Game Over For IT Stocks ???
Bearish Engulfing On Daily Charts & Spinning Top On Weekly Chart.
MACD Also Turned Negative.
Profit Booking Might Take Place In IT Stocks.
Be Cautious
SL - 35600 (DCB)
Nifty I.T. cmp 33715
on verge to complete impulse phase of elliot wave,, and supply line resistance around current levels,,
Time to book profit in I.T. stocks and choose some overbought stock to go short,,
Good profit booking and reversal can be seen
Fall of 10-15% in counters and index can be seen...
NIFTY IT, overall in very strong uptrend, now moving in bullish wedge.
And also in smaller time frame if you will see it is moving in symmetrical triangle.
Wait for the symmetrical triangle breakout to take buy trade on IT stocks.
