trendreversal

After the corrective move around end of April, the final leg of correction seems to have commenced in Nifty IT NSE:CNXIT. IT stocks including large caps like TCS and Infosys witnessed heavy selling pressure today. Looks to me that the selloff will continue and is the start of a corrective move in IT index before a fresh uptrend begins. I can see that IT index ...

Idea expressed on the daily chart :-

Technical : Double Bottom Reversal Chart Pattern (Weekly Chart) Trend reversal line And Double Top Breakout @ 88 Technical Target : 153

In daily, there was a long consolidation and BB squeeze. Now price closed at UC with very high volume, and BB has started expanding. also regular bullish divergence seen here. with sl - 72, tgt - 150

In monthly, price took support at long term support , also trend line resistance broken here in weekly, regular bullish divergence formed here. also price started pushing upper BB upwards with high volume https://in.tradingview.com/x/AO9yPnc5/ with a sl - 133, 1st tgt - 193, 2nd tgt - 240 3rd tgt - 300

It is in long term uptrend. In daily, it broke out of descending channel with good volume, also price closed above upper bb and bb is expanding and reversing . https://in.tradingview.com/x/QqONYC0Q/ In weekly, hidden bullish divergence is seen. https://in.tradingview.com/x/NwfeomM8/ also price has reversed from horizontal support zone. ...

double bottom formed after a prior downtrend, broke out with high volume, now retesting. sl - 316, 1st tgt - 370

It is been observed that the price action is indicating a strong support at 600-630 levels, where good buying shall be seen. Therefore, now the price action shall reverse from the support zone to move forward to next resistance levels of 665-670. Target: 665 Stoploss: 600

BANK NIFTY has consolidated @ 19500-20000 Range. With downward support @ 19000. Upward Resistance @ 20000. 50 Day Moving Average Indicating Trend Reversal. SHORT POSITION @ CURRENT LEVEL TARGET @ 18500 SL @ 20200