CNXIT trade ideas
there is more possibility to IT sector is bullish there is more possibility to IT sector is bullish. when you see the chart of it sector its taking support at moving average and going up at 1 hour and also double bottom. and also when you look at it sector stock chart like hcltech , tcs, infy Wipro these stock follow as well as it sector growth and at the same level some stock break his small bullish pattern and stable at those level so. most probably chance to nity going bullish mode.....
NIFTY IT 15 MINNifty IT will be showing some sideways moves.
support and resistance mentioned in chart.
NIFTY IT In a Nutshell.We are watching the IT index falling and taking support today, May it will continue to make its bull run. Or it will retest a breakdown level .
Point is we can scalp small 100 point qty on equity stocks.
All the best with view.
Is it profit booking or trend reversal?There's no doubt that IT stocks had a massive rally since COVID crash and today it had fell by almost 3 percent. So is it profit booking or trend reversal? I heard some of them speaking about sectoral rotation from IT sector to Auto sector but I'm not in their side because IT sector are backbone of the economy, as long as economy is doing great they continue to rise and i don't think our India is going worse and also if the economy is going to get worse Bank sector will fall first which doesn't happen in our case, even Bank Nifty showing some bullishness.
I accept the fact that there might be a big rally in Auto stocks because of report saying that semiconductor shortage may be resolved in H1 FY22 and also due to festive season but it doesn't make sense in Trend reversal of IT sector.
It looks like small profit booking by institutions, I'm bullish on it for a longer time frame of about 5 years and i too had invested in IT ETF. So continue to invest in IT stocks if you're bullish in it.
I think its good to book profit from IT sector I think it's good to book profit from the IT sector. What do you guys think comment below
NIFTY IT | Gravestone doji- Made a gravestone doji at the top, may touch the steep trendline before making move up if the cureent trend is to continue
- It has been moving continuously and silently
Nifty IT Again A Reversal Pattern - IT Top Out ??Nifty IT - Gravestone Doji At The Top
Closing Price - 37103.25
SL - 37830 (DCB)
Expecting Profit Booking In IT Stocks.
Stay Alert
NIFTY ITWhile Friday (the 13th ) gave a very good one day trading opportunity, I am not very bullish on IT.
If you see that red line top on Nifty IT thats the wick level high for Nifty IT.. Thats too much.. There is no mega movement, no mega contract, its profit booking time also so breaking that Red line ? Can happen but I see a little movement above that but it will come back for now. May be can run again during the results time.
Lets see but I see solid rejection from the Redline.
*This is just for educational purposes. I am a newbie trader. Please invest your hard earned money on advise of a registered stock market expert.
NIFTYIT/NIFTY Bull flag BreakoutNIFTYIT/NIFTY relative strength chart has broken out of its bull flag on the daily chart. Going by this, we are likely to see IT stocks continue to outshine in the near future.
GAME OVER FOR IT STOCKS ????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)
IS REALLY NEW UPWARD TREND FOR CNXIT ?Upcoming 1 month IT Sector will achieve the Target
Target -37411
SL - 34041
CNX NIFTY ITNifty IT, looks like it has completed wave 3rd of bigger degree wave 5th, now it could started steps towards wave 4 as corrective,
as per sector views it stocks could show little bearishness as per index predictions.
Wave structure
Macd in daily time frame Negative crossover
Rsi downtick in daily time frame
trendline breakdown in hourly time frame
adx dmi conversion towards negative in daily time frame
adx dmi negative in hourly time frame
rsi down tick in hourly time frame
macd in hourly negative along with down tick and now below zero line
Disclaimer
I am not sebi registered analyst.
My studies are for educational purpose only.
Consult your financial advisor before trading or investing.
NIFTY IT - IS IT SHOWING SIGNS OF TOPPING OUT?Seeing the chart of NSE:CNXIT it's very evident that the MID BAND of the PARALLEL CHANNEL is acting in form of SR FLIP TRENDLINE i.e. the trendline which was acting as SUPPORT is now acting as RESISTANCE
Few Tips to use PARALLEL CHANNEL
a. Always make use of LOG SCALE whenever you are making use of PARALLEL CHANNEL for putting in a LONG TERM PICTURE into perspective
b. Check the reaction around the MID BAND it helps in developing trades in or around that level
c. Within the PARALLEL CHANNEL you will see a few more TRENDLINES which will act as SR FLIP TRENDLINE so plot them for getting more inference about PRICE ACTION
Check the INTERNAL TRENDLINES drawn to get better understanding about where NSE:CNXIT is standing at this juncture
IT to loose some steam Sharing only for the purpose of learning.
IT sector may lose some steams after this wonderful rally.
Fibonacci Projection as shown reached the 1.414 levels in a single rally.
Few stocks showing some retracement signs on charts.
It can retrace or again start his journey again as few stocks still seem very strong on charts as below.
- TCS - Mindtree - OFSS - TECHM.
Stocks that can retrace can be as below.
- COFORGE - LTI - MPHASIS - WIPRO.
This is only for the learning purpose watchful for the monthly expiry and sept month for IT sector. As FMCG now can come forward in this situation to move market UP and smalls Hopes from bank nifty to keep market eventful for September series.
Share your thoughts regarding this in a comment.
Nifty I.T. trend change possibleNifty 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 heading for correction to sideways move.At Red arrows
One can clearly see when moving averages 20 SMA & 200 EMA go far away from each other and also the price goes much away then, basically expansion phase, the there is pause in momentum and There is sideways to downward movement. This is Contraction phase. Basically mean reversion of price.
At Green arrows
For a healthy up-move price & moving averages should come close to each other, basically contraction phase, then only rally in IT stocks start that is again the price go in expansion mode. Mean reversion is complete here. Price again starts to move away form averages & averages start to go away from each other, this is the beginning of expansion phase
Now we are already moved up much higher and away from moving averages and moving averages have also moved away form each other. Current move is much stretched. Now if the above observation holds true in current case we may see a sideways to downward move in coming days.
Now no one can predict how much up-move is still pending but yes the fresh buying at such high levels must be avoided. Booking profit in existing positions must be done. Nifty IT can even rally more but the upside will be capped and breakout trades will fail here in individual stocks. Fresh Longs should be avoided and short trades should be looked upon.
At such stretched moves Risk for short trades is much lower and Long trades is much higher. Partial booking of profit in long positions and holding rest with CTC is advisable as of now. One can take it as a warning sign to long positions!
Everyone knows how to enter trade, but many still lack the exit plan. After trend reversal everyone will sell or buy but to take out maximum juice out of the rally you need to have such reversal points based on previous moves. If you go by bookish knowledge you'll buy at such higher levels based on breakouts and when such breakouts fail will be stuck at higher levels. For example everyone knows buy after a morning star & sell after evening star, but which Morning start to sell and which evening star to buy is the real key to make super gains. Pro- Active approach is rewarded higher than the Reactive approach
CNX IT.. heading into resistance.. CAUTIONCNX IT is following perfecr suport resistanc at important levels
3.618 extension can be a strong resistance ahead
NIFTY IT - trend analysisRaising wedge,
last 4 days in consolidation, nearing minor trend resistance
#NIFTYIT GAMBLER - HISTORICAL MOVE - Time to Short? We all know in stock market, future is the repetition of past. Kindly take a look and decide what you think? Many events are
happening around us giving sign of beginning of this fall. Don't forget to comment. Thanks.
