NIFTY IT | Updated Price Action
Updated
- Here is an update to the Nifty IT analysis we posted back in 2022.
- The price action is pretty sluggish. Literally "Trading in the Zone" ( Get it? If not you need to read that book " Trading in the Zone by Douglas" It will teach you the psychology aspect of trading)
- We will keep updating the price action as it unfolds.
- In the meantime, look at how NDX has performed post our analysis.
What are your thoughts? Feel free to comment. If it helped, Do Leave us a boost 🚀
Disclaimer: We are not registered advisors. The views expressed here are solely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. We like everybody else, have the right to be wrong :)
- The price action is pretty sluggish. Literally "Trading in the Zone" ( Get it? If not you need to read that book " Trading in the Zone by Douglas" It will teach you the psychology aspect of trading)
- We will keep updating the price action as it unfolds.
- In the meantime, look at how NDX has performed post our analysis.
What are your thoughts? Feel free to comment. If it helped, Do Leave us a boost 🚀
Disclaimer: We are not registered advisors. The views expressed here are solely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. We like everybody else, have the right to be wrong :)
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Third Attempt at the resistance zone. Will it break this time?Note
Price Action says that when the price retraces from a suitable resistance zone just before a strong breakout, the breakout sustains and gives good momentum. We see a retracement. Now, will we get the overdue breakout??Note
A positive update:LIC is investing heavily in IT Stocks. It bought shares worth Rs 3,636 crore in Infosys, Rs 1,973 crore in Tata Consultancy Services, Rs 1,468 crore in Tech Mahindra and Rs 979 crore in HCL Technologies, according to a Prime database report.
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We are Consolidating at the resistance level.Note
Current Price Action:Note
We have a breakout. A bit bigger candle would have shown more strength though.Note
And Booom ! 🚀🚀Note
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Gap resistance zone: The rejection came in Hard. Note
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- As much as We love the IT Sector, The decision of #INFY to refrain from campus hiring shows the true stress level of the IT Sector. - Wipro and TCS will continue but with a reduced headcount. Maybe it's time to set realistic expectations for the next few quarters.
- We may even see another consolidation phase unless either zone is broken.
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Need a bounce from here and close above 34000.Note
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