CNXIT has factored in all the possible bad news in the last 4-5 months. On 1st Feb, it sold off significantly on the back of H1B VISA fees hike news but it made a higher low around 9600 and made hammer on daily charts. Now on the verge of making hammer on weekly charts indicating that selling has exhausted in the near term. Almost all the results are out. Huge...
Once Rising trendline gets broken decisively - likely it heads next swing low for support which comes in the zone 9765-9800 zone.
Once it takes support we will search for buying opportunity. In upside move 10590 & 10550 are the levels where bears have troubled or was a strong supply zone, so we will look for a move above 10600 in coming days as confirmation that...
Relative strength of CNXIT is weak when comparing with Nifty. People are not investing in IT stocks, as international political news are creating fear among investors. Good news is still CNXIT is above the long term trend line. If it breaks it, then the fall is fatal. We are not bears or bulls. We are traders. And we can make money in whatever direction market moves.
CNX IT chart shows a wonderful performance overall, and its sharp fall on Friday is just an aberration.
Once Nifty completes its upcoming downfall, IT stocks could be heavily invested in.
Dear Readers,
We have been witnessing sluggishness in the Indian Stock Market for the last quite few sessions, and the same has been prevailing till today's trading sessions. There may be many reasons behind it, one of them looks to be the rally in the NiftyIT, while other stocks and sectoral indices giving southward movement. NiftyIT, from its recent low of...
This is in continuation of my earlier post on CNXIT. CNXIT seems to have completed its intermediate correction at 9300 on monthly charts coinciding with lower end of the falling channel. Last week it made a higher low at 9750 and started to move up again. Possibly the largest 3rd wave has started which may take it to upper end of channel at around 10700-800, 200...
The Cup & Handle pattern is one the most common and favorite patterns among the traders. It is another time-tested pattern that has created valuable gains for traders and investors. It is known as a bullish continuation pattern and resembles the shape of a tea cup on a chart.
Plot: First, it's important that there is an upward trend before the formation of the...
Fond of Maths as a Mechanical Engineer- get excited when the equations were part of the problem as it really test your brains & you get pumped up when solved.
Here CNXIT gave us an equation since 2015 top@12908 which likely looks solved with W=Y=Z on the lows@9295.
Placed on the channel bottom-Z-wave seems done & has potential for crossing 12908- its 2015 top in...
CNX IT shaprly gave pullback after touching lower band of descending channel..... now remaining part of story is, does it will touch upper band of channel.... If this happens then nifty will get support from CNXIT....
Your views are welcome....
It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as...
IT index is trading in a down trend channel. Index is trading at lower level of channel where I found FIB support cluster area (9378-9580) as it is weekly chart the support area range is 200 point . As long as index manage to hold this level on weekly basis I will consider it as a counter trend opportunity. If odds comes in our favour index may touch upper level...
Nifty IT is at very Critical Level. This week will be Interesting.Bounce Expected from 200 EMA support, But weekly close below 200 EMA will put Nifty IT in long term downtrend.
Nifty after the LOC fall was the least afffected index witth -0.82%. When checked further it seems its near a good monthly support and a double bottom but break of this can drag it to dangerous levels. need a good close in this level and break of the channel.
