IT STOCKS - Start of another leg of bull rally? - ANALYSISThe analysis is done purely based on chart patterns and price action.
The analysis is done on 15 min TF, but the target as shown in charts can take couple of days upto weeks.
As can be seen from NITFY IT chart as well as from charts of stocks linked below, price went for retracement phase, made a low on 21st December 2020 and then gave breakout from trendline.
Thereafter the price gave good breakout and came down to retest the levels.
This can be a signal another leg of bull rally.
Targets are determined with the help of Trend-Based Fib extension tool.
Traders must check for signals of reversal before entering into any trade.
This analysis is just for study purpose and to show beginners how to analyse a sector and its stocks.
This is not a trade recommendation. Traders must trade with their own risk and money management.
TCS chart analysis-
INFY Chart analysis -
WIPRO chart analysis -
HCLTECH chart analysis -
Feel free to comment for any suggestion or query regarding price action or chart analysis.
