Nifty IT is Elliot 8th waves and also flag pattern mostly it will break on down side and the target is 4th wave
Trend Exhaustion in CNXIT scripts. Entire sector downgraded to short.
NIFTY IT CNXIT is making Higher Swing lows since start of this year in a range bound activity . Currently middle of range , more sideways action till a resolution is in place
Nifty IT is following the textbook EW pattern. We are at the beginning of a fresh impulse of the last cycle wave 5. This wave should take us to all time highs. On smaller time frame we have already finished wave 1 of 5; obviously the next impulse (w3) would be much sharper. Index is susceptible to political news from US, so adhere to proper RM.
Long on Nifty IT. when Pull backs to support area. Daily Uptrend weekly Uptrend
result session will start with some infosys after the new guide lines in oct'16 and trump win in usa ... let's see what will happens in IT in india
Short the Nifty IT looking weak , may test 9890 in coming days .
Nifty IT is the only index that has not started any strong up move till now. A move above the 0-B trendline could kick off it's uptrend following which some IT stocks (like HCL) can be bought too. A strong up move should start soon as we're already near 76% retracement. Otherwise it could make a new low negating this setup.
CNX IT possible count. If this count is correct, an impulsive move to the upside should start.
CNXIT is interestingly poised. A break of 11475 can give a low risk short Trade entry. While on the upside 11650 will hold the key. Current position is Neutral
CNX IT Daily Sentiment is negative and down for the consecutive 11 days. Possibly oversold and could bounce back in the shorter term. However last week earning results on the IT stock made the weekly sentiment to turn down. So the overall bias on the CNX IT stocks are wait for the bounce to happen followed by a sell of as the weekly sentiment shows medium term...
WEEKLY CHART :- TAKING SUPPORT OF 50 DAYS M/A. AS PER DAILY CHART CNX IT IS TAKING SUPPORT OF 300 DAYS MOVING AVERAGE. ALSO AT THIS POINT SOME CONSOLIDATION IS TAKING PLACE AS PER DAILY CHART. PRZ - 10943 - 11051. U CAN SEE THAT BULL ARE LIKELY TO TAKE PRICES HIGH AT THE CLOSING OF THE DAY. WHICH MAKE THE FORMATION OF HAMMER TYPE. U CAN ALSO SEE LAST 4 CANDLE , 3...