CNXIT trade ideas
NIFTY - tracing primary wave 5 upThe Indian stock index finished primary wave 4 and is tracing primary wave 5 up of cycle wave III. This scenario should elevated the index to around 12,900 in 3 to 4 years. If prices crosses down 8,050 this setup should be revised. FOLLOW SKYLINEPRO TO GET UPDATES.
NIFTY IT - HH/HL - catch the momemntum NIFTY IT - we can clearly see Higher Highs and Higher Lows on daily basis from past week .
Keep an Eye on INFY / WIPRO/TECHM/NIITTech/TCH / HCL Tech
Spend few minutes looking at past week charts of these stocks
CNXIT - Looks Range BoundIT Index weekly chart suggesting it may trade sideways for some time and it should hold 13000 levels on the weekly basis to continue the trend it started from 11000 levels
On the Basis of previous price action, I am expecting 13000 levels would act as good support and only the decisive Break of 13000 levels can take the index to 11000 levels.
Nifty IT indexGap tested per the earlier published idea. Key level is 13k below that shorts can be built.
NIFTY IT / TCS - Bearish reversal NIFTY IT NSE:CNXIT formed Triple top in the Channel and Bearish Engulfing candle on daily chart.. Almost similar chart pattern in TCS - Short NSE:CNXIT / NSE:TCS on closing below Previous Day Low..
Monthly Chart of Nifty IT@jagrut
Monthly Chart of Nifty IT
The index is trading in the Channel Pattern since April-2019 to till date. Similar pattern was observed from March-2015 to Nov-2016.
Both the Channel pattern has been shown in the chart.
Then outlook for the index in coming year looks bearish.
On Monthly chart the index is trading in Channel as shown in the chart.
For education purpose
Nifty it Elliot waves theoryNifty IT is Elliot 8th waves and also flag pattern mostly it will break on down side and the target is 4th wave
NIFTY IT CNXITNIFTY 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
Long for ATH above 13000Nifty 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.
Cnx it has shown breakout in trendline...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
Nifty IT underperformer till now..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.
Bullish on CNX ITCNX IT possible count. If this count is correct, an impulsive move to the upside should start.
