Hey folks,
Today I am talking about the NIFTY IT 's massive sell-off in past 10 days. and yesterday session was with a huge gap down.
Major IT stocks that has crashed in this sell of are -
Considering huge selling, bringing these stocks to a cheaper rates could attract buyers in next few session, as we already saw on Friday the buyers came in to push the stocks upward from their lows .
Technical Angle.
The level of 31350-31500 is the next support zone to this Index. below that we could see further fall but it wouldn't be as huge which has past. if you have grabbed the bite of that fall that is great. But lets be real the RSI 21 will enter in the oversold zone with the next fall, FYI RSI 14 is already in oversold zone.
Next Move
So for me, to move the index further below strongly it should technically take a good pull up till 20EMA at-least.
thus, Next week I am looking in Long position in these above major affected stocks i mentioned.
high volume will define where the volatility action could be seen among these.
Lets discuss what is your take on Current this NIFTY IT situation. This is my very raw analysis on this one as I failed to take action on the real move(short).
Today I am talking about the NIFTY IT 's massive sell-off in past 10 days. and yesterday session was with a huge gap down.
Major IT stocks that has crashed in this sell of are -
- TCS : slipping to its 52-week low
- Infosys : 6% drop in last trading session, to hit new 52-week low
- Wipro : 4% drop to also hit 52-week low.
- L&T : dropped to its 52-week low.
Considering huge selling, bringing these stocks to a cheaper rates could attract buyers in next few session, as we already saw on Friday the buyers came in to push the stocks upward from their lows .
Technical Angle.
The level of 31350-31500 is the next support zone to this Index. below that we could see further fall but it wouldn't be as huge which has past. if you have grabbed the bite of that fall that is great. But lets be real the RSI 21 will enter in the oversold zone with the next fall, FYI RSI 14 is already in oversold zone.
Next Move
So for me, to move the index further below strongly it should technically take a good pull up till 20EMA at-least.
thus, Next week I am looking in Long position in these above major affected stocks i mentioned.
high volume will define where the volatility action could be seen among these.
Lets discuss what is your take on Current this NIFTY IT situation. This is my very raw analysis on this one as I failed to take action on the real move(short).
Trade active
Today's levels to check for the observing stocks in this Idea-I am looking at 1hr TF for Intraday as following
TCS :
above 2780 -> buy
below 2665 -> Sell
Infosys :
SELL -> 1325
BUY -> above 1400
Wipro :
close to 50EMA -> Sell
closes above 50EMA -> buy at pullback.
LTTS :
above 3560 -> buy
below 3490 -> Sell
Primarily I am looking for a short position in these, but if the stocks shows reversal with NIFTY IT in focus I will buy.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.