NIFTY IT Sector Analysis (1W TF) - 16th December 2023#NiftyIT Sector Analysis (1W TF)
Pattern: TRENDLINE BREAKOUT
- Breakout of Resistance - Done ✓
- Major Resistance Breakout - Done ✓
- Retracement & Consolidation - In Progress
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Trade ideas
Nifty IT sectorNifty IT sector might be in pain; technically, as seen on weekly chart - it is crucial to see whether it takes support and reverses at 33400. If it falls below it, then IT sector would be under deep pressure.
This is for Educational purpose only views based on price action, Elliott Wave & Fibonacci. Views expressed here are not for investors/traders. Do your own due diligence before investing/trading.
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*** Nifty IT index coming to bearish teritory.
*** IT index in daily TF broke down below 50 MA
*** momentum downside
*** bigg red bearish candlestick 🔴
*** major support of 36750 broken
*** trendline broken with gap
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NIFTY IT Index Ready for Breakout on upside - 40% upside in 1 YrNIFTY IT Index Ready for Breakout on upside - 40% upside in 1 Yr possibility.
IT Index showing multiple Positive momentum with Flag Pattern breakout & initial targets coming as 40% upside from current levels after CUP pattern breakout.
Happy Investing.
CNX IT poised for a possible breakout. CNX IT INDEX: has been in consolidation for the last over 15 months. For the last 10 months the index has been making Higher Lows & Higher Highs and is currently trading about 6% below its Pivot, about 39,500. Its relative performance to CNX 500 has been taking support near its mid Sep 2022 low. For the last 10 months the relative performance has been stuck in a sideways range (bottom window on the chart). RRG (Relative Rotation Graphs) indicates the index has moved to the leading quadrant, both on 5 weeks and 5 days basis. (Pl. check my earlier post here). If the current momentum continues and the index starts trading above 39,500 level, we can expect some good rally in the IT stocks. On the charts the Index has potential to test 47,000, and then 52,000. The key is, ability of the IT Index to sustain above 39,500 level.
Only personal analysis. No recommendation. Please consult your professional finanacial consultant / advisor before taking any investment or trading decision.
CNXIT | ITBEESDisclaimer: This analysis is solely for educational purposes and does not make me a SEBI registered analyst.
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IT Sector Looking Very Strong Keep In Radar- ready to break flag & pole pattern
-previously it broke resistance and shootup then again took support in previous resistance
-now taking support again it sector ready for upside momentum
-my targets for IT sector is 48000 from here which is almost 27-28%
-keep eyes on IT stocks
Nifty IT: Soaring Towards 36800 and Beyond?Wondering if the sharp rally in this sector will persist? Nifty IT displayed significant movement yesterday, continuing today with a breakout. My intuition suggests a potential move toward the 36800 level.
I'll consider adding more to my portfolio if there's a retest of the breakout level, although the likelihood seems low. Nifty IT not only has the potential to reach 36800 but also to surpass it – the path ahead appears clear.
Stay tuned for updates as we navigate this promising trajectory in the Nifty IT sector.
#NiftyIT
Nifty IT bullishSince past 4 quarters, IT index slightly moved up after end of quarter and before publishing quarterly results. (Vertical lines indicate end of quarter). Then corrected on the back of bad results by IT majors. But from Jan, 1, we r continuously seeing selling in IT index. This seems to be a trap by big players. Also IT index took support from previous support levels on daily timeframe. I am expecting good results and upside continuation in IT index.
IT SECTOR AT WEEKLY RESISTANCEIT SECTOR AT WEEKY RESISTANCE
CMP 33300
RESISTANCE ZONE 33500---33700
HARMONICS SHORT IN PRZ AROUND 35600
FORMATION OF "W" PATTERN
IF BREAKOUT DONE from 33500 zone
CAN TEST 34000 / 34500 / 35000 / 35500
Regards...
Keshav..
15/09/2023
Disclaimer. I am not a SEBI registered advisor. All views shared on this channel and group are my personal opinions shared for educational purposes .. Good Luck 😉