Nifty IT indexGap tested per the earlier published idea. Key level is 13k below that shorts can be built.
Niftyit
Endurance Technologies Ltd. Has More UpsideOver the short-term stocks that have been hit the hardest, like Endurance Technologies Ltd., are continuing to mean revert to the upside. Money is rotating out of Nifty Pharma, Nifty Fast Moving Consumer Goods, and other areas that have led the recent rally and is now flowing into other areas like Nifty Financial Services that have yet to participate to the same extent. In this chart we're looking at Endurance Technologies Ltd. confirming a failed breakdown and bullish momentum divergence by closing back above its April 9th, closing low near 585. As long as prices are above this level, then these conditions suggest further upside in the near-term and mean reversion towards our first target of 810. Additionally, it's our view that strength in some of the worst stocks like this is evidence of risk appetite among market participants and suggest further near-term upside for Indian Equities as an asset class.
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
MRF SHORT | STRONG RESISTANCE + RISING WEDGEHEY GUYS, AFTER MY ANALYSIS OVER MRF I OBSERVED THAT THERE IS SOMETHING THAT IS PUSHING THIS STOCK TO DOWNSIDE, AND SO I HAVE DECIDED TO SHORT THIS STOCK.
Infosys new boss new airsSince January 2, Infosys has a new CEO who, under the eyes of specialists, brings new airs and clear goals.
At least from here to the next resistance we must see Infosys rise like a champion.
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.
