📉The NASDAQ witnessed a sharp decline of approximately 4% yesterday, extending its overall downturn to nearly 13.5% in just three weeks, indicating a strong bearish sentiment.
📉On the other hand, Nifty IT has so far been holding above the 100-week exponential moving average (WEMA), which has been acting as a crucial support level.
📉However, given the significant slide in NASDAQ, there is a possibility that this support could be breached, which might accelerate further weakness in the IT sector.
📉If the breakdown occurs, two minor support zones could come into play and potentially act as temporary demand areas.
📊 Key Question: What Lies Ahead?
💡Will the IT sector continue its downward trajectory, or is this merely a short-term correction within a larger trend?
💡Keeping a close watch on price action to gauge whether the sector can stabilize or if further downside is imminent.
What’s your take on this? Drop your thoughts in the comments!
Disclaimer: This analysis is purely for educational purposes and does not constitute trading advice. I am not a SEBI-registered advisor, and trading involves significant risk. Please consult with a financial advisor before making any investment decisions.
📉On the other hand, Nifty IT has so far been holding above the 100-week exponential moving average (WEMA), which has been acting as a crucial support level.
📉However, given the significant slide in NASDAQ, there is a possibility that this support could be breached, which might accelerate further weakness in the IT sector.
📉If the breakdown occurs, two minor support zones could come into play and potentially act as temporary demand areas.
📊 Key Question: What Lies Ahead?
💡Will the IT sector continue its downward trajectory, or is this merely a short-term correction within a larger trend?
💡Keeping a close watch on price action to gauge whether the sector can stabilize or if further downside is imminent.
What’s your take on this? Drop your thoughts in the comments!
Disclaimer: This analysis is purely for educational purposes and does not constitute trading advice. I am not a SEBI-registered advisor, and trading involves significant risk. Please consult with a financial advisor before making any investment decisions.
Note
🎯 You can now access our personal charts for all Nifty 500 companies📈
👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🎯 You can now access our personal charts for all Nifty 500 companies📈
👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.