Nifty IT Views:
Almost 30% correction from TOP of 39k.
IT sector has long term benefits due to digitization drive taken across globe.
Views: Long Position.
Currently taking multiple support at around 26K, this is previous year consolidation area
Current consolidation range between 26k to 30k.
+ve divergence in RSI.
To estimate down side, previous year consolidation low of 24.2k can be taken as Stop loss.
Looking at the top of 39k with stop at 24.2k the current position give good risk to reward ratio of 4.
This indicates for going long in this sector as technically the Risk-Reward is now shifting for Longs.
Top Pick:
INFY
TCS
HCL
Almost 30% correction from TOP of 39k.
IT sector has long term benefits due to digitization drive taken across globe.
Views: Long Position.
Currently taking multiple support at around 26K, this is previous year consolidation area
Current consolidation range between 26k to 30k.
+ve divergence in RSI.
To estimate down side, previous year consolidation low of 24.2k can be taken as Stop loss.
Looking at the top of 39k with stop at 24.2k the current position give good risk to reward ratio of 4.
This indicates for going long in this sector as technically the Risk-Reward is now shifting for Longs.
Top Pick:
INFY
TCS
HCL