![]() ![]() All the IT stocks have been forming a similar structure. If we get a move above the range high at 31k, it will confirm that the short-term structure has turned bullish and we can expect higher prices, possibly a move towards 34k.Ħ. This caused a shift in the market structure.ĥ. ![]() As we can notice, after the formation of the low on 15 July, the price rallied higher creating a higher high. The market structure has started to shift to the upside. Currently, the price appears to be bouncing off the range low and may head towards the range high.Ĥ. If you notice, the index seems to be forming the Wyckoff accumulation schematic in which the "Spring" seems to have been established on 15 July. If the market is able to consolidate the gains and maintain the bullish to sideways narrative, the IT index can really perform well in the coming weeks.ģ. On the other hand, all other indices seem to be more or less flat. ![]() In the last few days, the IT index has been strongly improving, suggesting a mean reversion towards the benchmark index - Nifty. Observe how the IT index is lagging far behind all other indices.Ģ. I have taken the June lows as a reference because the market started rallying from there onwards. The IT index has been strongly underperforming the benchmark as well as all other sectoral indices for the last few months. Read this post to find out why I think IT is going to pump soon!ġ. Over the last 2 months, we have seen a great rally in the majority of the indices, except one - The IT index. 4 1 4 0 Why do I think the IT index is going to rally soon? Hi all, hope you guys are doing well. ![]()
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