Tech mahindra elliott wave analysis

In my old post on CNXIT ,CNXIT ELLIOTT WAVE ANALYSIS.

I had told still steam left for upside ,Continuing the same lets see tech mah

This chart similar to cnxit the stock is in 5th up 3rd wave high was 752 .Any close above 752 stock can shoot towards 800.This is a good buy either above 752 or in dips .

For a dip buy 715-720 is a good level.

IGL elliott wave analysis

IGL looks good on chart it finished a parallel channel correction

broke above it and retraced.The wave analysis shows a good trade

setup lets see the chart.

In any dip the stock can be bought with stoploss of 270 ,If thats taken out the wave structure changes. Lets see how the chart behaves.

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 :).

FII Selling in India.

A popular notion among traders FIIs drive Indian markets.

Is it true? Year 2007-2009 this correlation was quite correct.

Offlate this is not happening .

Year 2018  till aug 27th nifty has gone up by ~11% and FIIs have been net sellers for the year.Let me put the figures.

Fii is net seller 23k crs in equity still nifty managed to scale up by ~11% .Slowly this dependence is reducing domestic money is getting bigger .No wonder MF inflows are creating records day by day.Still the equity penetration among indians is way less compared to western counterparts long way to go.