Major Correction for Nifty IT

NEGATIVE SIDE :
1. Nifty IT broke the major support level at 34450pts during the last trading session.
2. The two major rejection candle at the level 36750pts in the recent time is so crucial. This is because of the two major correction happened in the past one in 2000 and the other during the corona situation. Both the corrections have the 4.236 fibonacci level at around 36000pts. Which will play the major supply zone for the coming days for IT.
3. The Fibonacci level drawn in this chart shows the pullback happens exactly at 0.618 level, which is again a negative side.
4. The moving average 20 & 50 is getting closer.

POSITIVE SIDE:
1. Currently, Nifty IT is at a major support level. Lets hope that it will bounce back from the level.

Comment:

As you could see with the trend, Nifty IT creating HH and HL, which is a good sign. Time to buy IT stocks. The rally is about to begin.

NEGATIVE SIDE :
Should not create LL.

Trade closed: target reached:

Closing this idea, as this idea no longer valid.

Time for a new trend.!!