IT industry has been in a bearish tone forming lower high - lower low since Q2-2015. The industry is under pressure with margins and visas followed by blow of Rupee appreciation. For short term, 9,880-9,900 stands to be crucial support. The reverse Bullish AB=CD around 9,900 at rising trend line indicates reversal on cards. As per time analysis, the previous rise...
Will buy-on-dips strategy work this time? This is the best setups for bulls - buying on dips and a jhat-pat trade. The resistance turns support at 8,970 (pink line) will be crucial for bears to break. The recent rally in the range of 9,000-9,200 seems to be disheartened for bulls. The rangebound session with index being firm above 9K express positive yearly...
* Trendline * Bullish crossover on Stochastic * RSI back from oversold territory
* Wyckoff Analysis * Distribution Phase * Doji @ top #Invalid above 12050
* Bullish Harmonic * Overbought RSI * Overbought Stochastic
* Dow theory - Higher High - Higher Low * Volumes rising with price rise
* Dumpling Top * 50% Fib retracement * Gap at play * Negative crossover on Stochastic * RSSI sloping southwards
* Bearish Harmonic * Negative Divergence on RSI
* Bearish Gartley * Overbought RSI