CNX - IT DAILY CHART
- CNX - IT Chart is showing sideways consolidation after its big Up trend that started around 2000 area.
- One closer look at the chart shows a possible shorting opportunity. The index is trading near its supply zone of 6200 on closing basis.
- One can go short at around 6200 area with a stop loss of 6235 on closing basis.
- NIFTY WEEKEND ANALYSIS
DAILY CHART
WEEKLY CHART
WEEKLY CHART
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MONTHLY CHART
- Nifty daily chart's raising wedge is getting closer to its apex. Another week of consolidation by staying within the boundaries of the wedge will make a perfect set up for a big correction.
- Weekly charts are also trading close to the top of the trading range.
- The weekly stochastic indicator is not showing any weakness. Keep a watch on the %K line which can give an early warning if it moves below the %D lines.
- The month chart is shown with the Fibonacci retrace levels of its fall from 6357 to 2252. And Nifty is trading close to its 78.6% retrace levels at around 5478 region.
