Tuesday, August 28, 2018

cnxit elliott wave analysis

IT stocks have been rallying for some time now .
They have a considerable share in nifty rally ,Top 10
heavyweights have 2 IT stocks TCS and INFY. These two 
among themselves hold almost ~13% in nifty.Look at nifty weightage here.
Lets look at the cnxit chart.

The monthly chart of CNXIT shows clear 5 up impulse with 5th up in progress.Most of IT stocks are similar to the chart shape of CNXIT.
Would analyse important IT stocks in further posts.Looking at parallel channel the logical resistance comes at 17000.
With usdinr hitting new highs CNXIT has still got good times .I would analyse individual stocks later for now bulls are very much alive and kicking in IT index. Enjoy the rally till it lasts :).


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