As visible on charts CNXIT has given a breakout from multiple reversal patterns
which are Island Reversal, Double Bottom, Inverse Head & Shoulder.
CNXIT has formed double bottom around 26450 along with RSI divergence
and finally given its breakout at 28600.
The index fell with a gap and also reversed with a gap hence, leaving
behind an island and showing an...
Nifty IT made double bottom as mentioned in chart. Now it is near previous high. if it crossed the PH, then 2000 point rally can be seen. otherwise a fall from the red line marked on chart. So we can hold IT stocks if it crosses 30500 level.
In this chapter I am going to discuss about how new bie trader views the share market and the out come of it. After reading this my dear readers, write about your experience, so that it will help new people to avoid such costly mistakes. Mistakes are always costly here and beginners do that a lot. There two type of new bie traders. 1. Completely new to share...
As a part of sectorial analysis - NIFTY IT view for upcoming week.
As expected IT did performed well this week. Now its hitting 20MA on week timeframe and if opens and start trading above it, which is around the red zone marked - then expect the momentum to continue.
Also the weekly double bottom may have been end of ABC correction, and next Impulse wave may...
Nifty it index is in range bound market travel around nearly 2 months around this area And almost down 27% from all time high.Investor can invest it related stock. Please consult your financial advisor before investing.
Nifty it index showing strength on daily charts by the buying absorption of iT stocks it is clearly visible in this index and the main thing that the double bottom pattern is also visible on daily chart and rsi indicator also showing reversals with breaking the resistance zones too, let us see what will happen in coming days we have to wait for breaking the major...
Will IT index bounce from the support zone that is seen retested on. weekly charts ? There is a momentum bullish divergence see on RSI
that could cause a medium term reversal after a major correction happening across the IT stocks? potential for mean reversion trade do exit.
However a close watch on what Nasdaq does now is also crucial which currently hanging on...
The Bullish Harmonic pattern is in process of completion with PRZ at 26,650-26,800 zone.
The reversal from PRZ with take index above 28,000+ levels while the pattern negates on close below 26,390.
Indian IT Sector is very close to the breakout area.
This breakout from the falling bear channel is also supported by RSI as we can see the Higher Highs and Higher Lows formation.
Look for an entry in fundamentally strong leaders of this sector.
!!! This is not an investment advice and do your own due diligence before investing/trading on any script !!!
!!!...
This sector has completed corrective waves as wave A-B-C and now possibly wave X has been started as a retracement, Once it closes above 20DMA (middle Bollinger band on daily chart), then it can show good strength and go towards north directions, up to 38.2% of whole recent fall as wave A-B-C. Some price actions and some indicators are suggesting reversals after...
Overall U.S. data Negative view.
So this impact not favourable in IT stocks
This is not call my idea only. Please understand your risk and take full responsibility of your actions
IT INDEX
Expected 38% retracement get over by 21 july where one relief rally pullback on card expected.... 25475-24690 zone for 30783-32396-34175
28 bar timecycle will be key for reversal zone
Investment opportunity in CNX IT
As we can see the chart is of 1 week time frame. We have corrected from the highs sharply. Now the market moves in waves and is very unlikely to continue to fall further. Any fake breakout on these levels will trigger longs on th IT index. This is a weekly trade so you can invest in CNX It through IT bees which is trading at 28.05...
NSE
