NIFTY IT INDEX VIEW.
Greetings friends !
I thank you once again for being a regular reader of my views and showing great interest on my article. This encourages me to keep writing the articles for you reference. Today in this article, I am going to share some important views on Nifty IT Index (daily) chart on the basis of Technical Analysis.
1.Nifty IT Daily Chart.
As we have seen a unidirectional rally since 2009 to 2015 where Nifty IT Index went up from 2029 till 12832.30 level by 5th March 2015, almost Index went up 6 times & henceforth it encountered a ⬇Down trend by forming lower top's & lower bottom's. But in the month of July i.e. on 21st July 2017 it had formed a Bullish Price Pattern called Triangular Breakout which can be seen in the following chart-1 where it's resistance was showing at 15000-15500 with a Support Level of 9500.
After touching it’s all time high of 16720.40 on 30-04-2019 it was observed that Nifty IT started making lower top & lower bottom formation in short term. But on Friday it has given a similar kind of Price Pattern Breakout called Bullish Triangular along with Increase in Volume which we have seen in Chart-3. Also Close of Friday i.e. on 03rd Jan 2020 it had closed above 200MA indicating that we might see a new all time highs in the Nifty IT in Months to come.
First resistance is expected at around 16500-17000 & if it all it manages to close above that then I won’t be surprised that in the current year itself we may encounter a level of 20000 as well, indicating of having a strong base formation support at around 14800 which is also a physcoligical support level. If at all there is a breach then it is likely to test it’s Long term Support Line which is at 12500.
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Author:-
AFP Chirag R Sanghvi (Certified Research Analyst)
E:- chirag.sanghavi89@gmail.com
M:- 9725154547
*Disclosure:-
• This presentation / newsletter / report is strictly for information and illustrative purposes only and should not be considered to be an offer, or solicitation of an offer, to buy or sell any securities or to enter into anyPortfolio Management agreements. This presentation / newsletter/ report is prepared by Chirag R Sanghvi. Any dissemination, copying or circulation of this communication in any form is strictly prohibited. Neither me nor any of their respective affiliates or representatives make any express or implied representation or warranty as to the adequacy or accuracy of the statistical data or factual statement concerning India or its economy or make any representation as to the accuracy, completeness, reasonableness or sufficiency of any of the information contained in the presentation / newsletter / report herein, or in the case of projections, as to their attainability or the accuracy or completeness of the assumptions from which they are derived, and it is expected each prospective investor will pursue its own independent due diligence. In preparing this presentation / newsletter / report, Chirag R Sanghvi is not liable for any loss or damage (direct or indirect) suffered as a result of relay upon any statements contained in, or any omission from this presentation/ newsletter / report and any such liability is expressly disclaimed.
Greetings friends !
I thank you once again for being a regular reader of my views and showing great interest on my article. This encourages me to keep writing the articles for you reference. Today in this article, I am going to share some important views on Nifty IT Index (daily) chart on the basis of Technical Analysis.
1.Nifty IT Daily Chart.
As we have seen a unidirectional rally since 2009 to 2015 where Nifty IT Index went up from 2029 till 12832.30 level by 5th March 2015, almost Index went up 6 times & henceforth it encountered a ⬇Down trend by forming lower top's & lower bottom's. But in the month of July i.e. on 21st July 2017 it had formed a Bullish Price Pattern called Triangular Breakout which can be seen in the following chart-1 where it's resistance was showing at 15000-15500 with a Support Level of 9500.
(Chart-1)
As we can see in Chart-2 the Level which was mentioned as per above Price Pattern has been achived in the Month of Aug 2018 ( 15833.65 )
(Chart-2)
First resistance is expected at around 16500-17000 & if it all it manages to close above that then I won’t be surprised that in the current year itself we may encounter a level of 20000 as well, indicating of having a strong base formation support at around 14800 which is also a physcoligical support level. If at all there is a breach then it is likely to test it’s Long term Support Line which is at 12500.
(Chart-3)
So dear friend to learn the art of making money, I have designed my "Technical Analysis Workshop" in such a way that every individual irrespective of his background will understand how to read and recognize the charts in a very short time.Do Follow me on below link to read daily Market View which is updated at Night before 11 pm.
My YouTube Channel Link:- https://youtu.be/Aspbxe8A_Ro
Twitter:- @Chirag_90
FB Page:- https://www.facebook.com/afpchiragsanghvi/
Telegram:- https://t.me/TAWorkshop
Feel free to ask about regarding this article if you any have queries.
Author:-
AFP Chirag R Sanghvi (Certified Research Analyst)
E:- chirag.sanghavi89@gmail.com
M:- 9725154547
*Disclosure:-
• This presentation / newsletter / report is strictly for information and illustrative purposes only and should not be considered to be an offer, or solicitation of an offer, to buy or sell any securities or to enter into anyPortfolio Management agreements. This presentation / newsletter/ report is prepared by Chirag R Sanghvi. Any dissemination, copying or circulation of this communication in any form is strictly prohibited. Neither me nor any of their respective affiliates or representatives make any express or implied representation or warranty as to the adequacy or accuracy of the statistical data or factual statement concerning India or its economy or make any representation as to the accuracy, completeness, reasonableness or sufficiency of any of the information contained in the presentation / newsletter / report herein, or in the case of projections, as to their attainability or the accuracy or completeness of the assumptions from which they are derived, and it is expected each prospective investor will pursue its own independent due diligence. In preparing this presentation / newsletter / report, Chirag R Sanghvi is not liable for any loss or damage (direct or indirect) suffered as a result of relay upon any statements contained in, or any omission from this presentation/ newsletter / report and any such liability is expressly disclaimed.
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