Technical Analysis: Nifty IT.
On a 10-year chart with a time frame of 1 month, Nifty IT has remained on an uptrend and the overall bullish trend is clearly indicated on the charts. Nifty IT continued the upside rally for the year 2018, and touched a new all-time high of 16360.60 in the month of September 2018.
Drawing Fibonacci from swing low to swing high, the Nifty IT index candlestick pattern is trading above 78.6% fibo level. As per the mathematical calculation, the levels of 15144-15155 was the first crucial resistance. At the current juncture, the index is trading at the levels of 15231, well above the resistance zone of 15144-15155. Major indicator, such as, RSI at the levels of 65.5 with a bullish candle on the price chart, is indicating a strong upside move to continue.
First published on 30 January 2019.