NIFTY IT SECTOR CNXIT WAVE STRUCTURE

٢٦ يونيو ٢٠٢٢

This sector has completed corrective waves as wave A-B-C and now possibly wave X has been started as a retracement, Once it closes above 20DMA (middle Bollinger band on daily chart), then it can show good strength and go towards north directions, up to 38.2% of whole recent fall as wave A-B-C. Some price actions and some indicators are suggesting reversals after bearish fall, which are mentioned below.

Hammer Sentiments, on merging last two candles on weekly chart


price action is bullish piercing candle on weekly


macd positive crossover on daily chart


Stochastic positive on daily chart


After oversold, now RSI is again above 40 levels on daily chart


dmi adx positive on hourly chart


dmi adx converging towards positive in daily chart


Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...!


Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.