CNXIT trade ideas
CNXIT - ShortRemains buy on euphoria, regret in leisure. While bears have not had any better day, bulls are not happy either save certain individual gems. Technically 21700 is the support that should ideally be attacked and taken. So sell here stop 22150 for break of 21900 taking it to 21700. Break 21700 invites deeper correction.
CNXIT - SELL IT ON RISE. Despite the triangular break out the upside thrust is not encouraging. Support around 21600 is vital and crucial for bulls to survive while bears looking threatened above 22000. Suggest to sell rallies or the break with 1% stop for 2% gain.
NIFTYIT#NIFTYIT broke the triangle, however the up-thrust is so far failed one. Subsequent fall prints an evening star pattern. The momentum is not suggestive of strong up-move while the DX line is neutral at best. Move past 22000 is needed for bulls to re-capture. A break below 21000 bring bears into reckoning. Trade from short with stop 22115 (not able to suggest a lower one) for 21000 break.
IT INDEXNow its time for IT sector so keep eyes on TCS, INFY, COFORGE, MINDTREE, TATA ELXSI, WIPRO, LTI & CYIENT !!
NIFTYITWith broad sectorial rotation, IT joins Pharma and FMCG for softer bias. Price action is near the minor trend line and break there targets the LBB. Further break below LBB 20500 would propel the bear case. RR with 0.5% stop and 1% gain is favoured. Stay short.
Nifty ITAfter forming daily resistance now approaching a support zone on daily. If this support zone is not respected then we will have to go for weekly support zone.
Nifty IT Will it Break Down...... ????Observations: For time horizon of next 1-2 Months.
Nifty IT has been trading in an narrow range from past few days. CMP : 14500 Levels
Trend : Not Sustaining at upper levels... Likely to drift down if Closes / Breaks below 14300
Strategy: Keep Selling on every rise to 14600 - 14630 Levels
View negates if closes above 146650 Levels
Options: 14200 PE looks like a profitable bet.
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
