Today we are going to do the analysis of Nifty IT. If we the chart below which is monthly chart we can see that since May 2022, its trading in a range. And now the July candle it is forming is looking like a good green candle.. (at least so far). So it looks like it can try to give breakout from the range. Also here we can see a W pattern is formed. So if the neckline breaks, we can expect a good upside in the index.
Also see the weekly chart below. If it makes a good green candle in July month and if it starts trading above 32000, we will try to identify entry setup in IT stocks for positional term of 3-6 months and further. But first let it break the resistance.
So keep watching this index. Happy Trading. ✌️
