WHERE IS NIFTY IT HEADED ?

13 Şub 2022

Nifty It has been showing no particular direction for the past week, sometimes on a solid green day it manages to fall and sometimes seeing Nasdaq it seems to gain some points but what is the real direction of this sector?

I have taken the top 5 Nifty I.T stocks that have the most weightage in this sector and have analysed them.
Below are all the top 5 constituents of cnxit.
1. INFY
2. TCS
3. HCLTECH
4. WIPRO
5. TECHM

INFY
https://www.tradingview.com/x/gDmwgoJr/
I can spot LH LL formation in this and seems like it has had it's pullback and will continue to correct itself.

TCS
https://www.tradingview.com/x/Z2RPOZVD/
TCS has been following this support trendline for sometime and it can be taken into account that after double top tcs went for a pullback and again a low can be made near 3550 levels.

HCLTECH
https://www.tradingview.com/x/KowmM7De/
HCLTECH is facing resistance from 1200 levels which is psychologically and technically a strong resistance level and now it seems like it's due a correction.

WIPRO
https://www.tradingview.com/x/RJ7amdFG/
Took a bounce from the demand zone but is still below the 200 ma and flip level.

TECHM
https://www.tradingview.com/x/SuYJNmZO/
Techm looks like that it is sitting on a crucial level and the next few candles can give us a sense of direction.

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Any comments and critiques will be appreciated even if it's of opposite view as a trader can also be right so many times.

These are just my views and I am not a SEBI registered analyst so consult your advisor before taking any trades.

14 Şub 2022

İşlem aktif

All the stocks and the cnxit came to their respective demand zone after correction and bounced back.
CNXIT up by 2.3% after touching the demand zone