The stock has formed a falling wedge pattern; broken the upward resistance trendline and is sustaining above it (Bullish sign)
Consistent volumes and strength picking up.
A good stock for a long term perspective..
ghstocktrading.webnode.comNIFTY IT: WEEK-TECH-SHEET->30th September2019 to 04th October2019
NIFTY IT moves around +339.55 pips from 30th September2019 to 04th October2019, in which nifty IT did not break last week 23rd September2019 to 27thSeptember 2019 top nor bottom.
NIFTY IT: WEEK-TECH-SHEET->19th August 2019 to 23rd August 2019
NIFTY IT moves around +476.85 pips from 19th August 2019 to 23rd August 2019, in which nifty IT break last week 12th August 2019 to 16th August 2019 top 15822.40.
Nifty achieved its minimum projection of wave (v) which is 10722. And maximum projection of wave (v) is coming at 10440. so wave (v) of could be completed in 10722-10440 range which is big so lets concentrate on decline from 11181 in lower time frame chart.
Most probably wave (iv) is completed at 11181 and from 11181-10902 wave 1 of (v) is completed and wave 2 of (v) is in progress and may complete in 11000-11142 range and from there nifty can decline again towards 10902-10836-10782 levels.
Most probably Nifty completed wave (iii) of at 10849 and 11051-11176 is the resistance range. wave (iv) may be completed at 11080 or it may complete in 11051-11176 range. And from there Nifty may decline 430-690 points as wave (v). If nifty breaks 11176 comfortably with sharp bounce then its different wave count.
Nifty breaks 10985 level so now its clear that 10004-12103 move is ABC and from 12103 wave C of irregular correction is started. And in wave C wave (iii) of is completed at 10881 or still running. For wave C 100% and 123% projections are coming at 10347 and 9933 level respectively.
resistance range in daily chart is coming at 11075-11196.
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
One more decline of 154-245 points is possible from the resistance range 11381-11430 given in chart or it can decline from present level also.
Trading strategy should be sell nifty in given resistance range for given target and if nifty trades above 11431 for 15 minutes then exit the trade.
In this 45 min chart we have not given any wave count but as of now 11456-11492 is an immediate resistance range so if nifty forms a corrective pattern towards this range then sell for new low below 11399. Nifty is positive only above 11492.
By looking at daily chart of nifty it seems wave (A or 1) is competed at 10985, (B or 2) is completed at 10585 and (C or 3) is completed at 12103 and from there onward it could be a corrective wave as wave (4) or wave C of irregular correction which can go down deep..
For more clear view we need to look at decline from 12103 in lower time frame.