CNXIT trade ideas
IT SECTOR IT Sector will bounce from here , nasdaq index already in green , and chart of it sector will defiantly bounce
CNXITThis is CNX IT chart...
This is weekly chart...
We are in wave c of wave B...
The destination is Red marked area...
Once wave B is done..
We will resume wave C which would be downside..
Minimum destination would be Low is A
Just a View!!
Vedang
Chart is for study purpose only!!
NIFTY ITThere are chances that NIFTY it will breakout from the consolidation and go further up. Keep good names in list and enter at low risk entry point.
Chart of the week. Nifty IT. 9/10/23After making a all time high in Jan 22, CNX IT was in down trend. Since May 22, the index is consolidating in parallel channel, hence ITBees were recommended for accumulation on 13 August. After multiple attempts, last week the index gave a successful closing above 31100 resistance. I was waiting for the confirmation candle which were given last week. Therefore, we can assume CNX IT will lead the index now.
CMP - 32450 W
T - 33100, 34350, 36400, 39000
NIFTY ITJust sharing simple observation. Chart says everything. Look for some bull run in IT sector. Find the winners and ride as much as possible. Don't get out soon this is the only tip.
SIP pick of the week CNX-IT/IT-BeesThis is a comparison study of charts of CNX IT index VS IT-Bees and this is a pure fundamental analysis.
In December 21, CNX IT index made its all time high and then went into down trend. Since May 22, IT index is trading in the range (parallel channel) . Here I am recommending to buy Nippon IT Bees as Long Term Investment. Once can see a clear comparison between the two charts as IT-Bees are also trading in range.
1. Fundamentally IT index has to bounce back as there is no other alternative for IT in today's world.
2. IT-Bees are directly proportional to IT index, hence, it is a very good time to do SIP (Systematic Investment Plan) in IT-Bees on monthly basis.
3. As you will be investing in whole IT index, target and stop loss is not mentioned. This is a pure investment pick only for INVESTORS.
CMP - 32.4
Nifty IT testing patience good move will come above 31300Nifty IT is testing patience and consolidating in the past 1 year. Now one should wait, and good and clean move will come on weekly close above 31300.
CNXIT (NIFTY IT) ShortIt seems Nifty IT is about to break the trendline on downside. If it does, then certainly it would be great trade with RR 1:4.
It will become again stronger above 30740 levels. It broke that levels once but could not sustain the same. However, it shows bears are more stronger than bulls.
RSI has been oscillating between 60 & 40 levels. Watch for level 40 break down at the same time when trendline breaks down.
Levels to watch on upper side
30170
30740
Levels to watch on lower side
28606
27776
CNXIT : A reversal expected in IT SectorSince the IT sector is correlated with US market and the US market is kind of in an overvalued state and is showing signs of reversal, there is a very high probability that its ripple effect is going to be there in Indian IT sector also.
So I'm expecting a crash in IT and will utilise the opportunity by buying ITBEES, when CNXIT falls to the low of the channel.
NIFTY IT near crucial breakout level.CNX IT on the verge of breakout above 31,100. It would be worth keeping an eye on the whole IT pack. Many like TECHM have been breaking out.
❤ & follow?
NIFTY IT - 📢⚠️NIFTY IT - In Reversals 🏳pole pattern
Time frame : MONTHLY
Objectives - Investors should cautious on IT index
1. Big Time Frame range 26000 32000
2. Daily time frame 27700 To 31200
3. Reversals pole pattern
4. Below 26000 we can see more bearish zone
5. Invalid above 32000
Above chart Valid for long term purposes- short term we can see up & down between 26000 to 31500.
View - Just for Educational awareness. do your own due diligence before taking any action.
(NIFTY IT) TRADING IN ITS RESISTANCE ZONE BE ON THE LOOKOUTIT sector is trading in its resistance zone so if you trade nifty index option pls bee on the lookout
nifty itnifty it is giving triangle pattern breakout on monthly frame , most of the mid size comapny has already moved significantly like cyient, sonata,newgen, nucleus
Nifty IT index near Resistance Nifty it near Resistance , looks bullish
can go for long after Breakout
H&S IN NIFTY ITSeems like NIfty IT trying to form Head and Shoulder on larger time frame.
less chance tho
PS : Not a reco
NIFTYITIt seems that NIFTY IT is showing strength where as BNF is weak. So it may be possible that money is moving from BNF to NIFTY IT. Look at strong name like HCL Tech etc. Basically stocks which are above 200 DMA and 50 DMA. 50 DMA should be above 200 DMA
Start acquiring IT Index ETFs every week as Longterm InvestmentThere has been a strong support held on Weekly and Monthly chart. Technically we can also say Triple Bottom. As of MACD, a hidden bullish divergence has been formed. We can start acquiring from now for a long term investment through ETFs, Mutual Funds SIP etc.
FIIs pumped 4477 Cr in nifty futures from 20th april post 17715FIIs are pumping money in nifty futures and Nifty IT above 20 DEMA
