IT index looks very strong with wave 1, 2 & 3 completed and wave 4 in progress. Wave 4 correction has already started and has touched 38.2% on fibonacci retracement level by connecting end of wave 2 i.e. 5633.35 & high of wave 3 i.e. 5921.9
Technical Indicators
Leading indicators Stochastics and Williams%R show over bought levels whereas RSI is still intact and has not yet reached over bought zone. This indicates that the current correction may be mild enough and then a wave 5 will begin sooner in next couple of trading sessions
From trend indicators perspective MACD & TRIX are trending up with positive cross over
Summary
Buy IT index on dips and not at current levels, wait for it to correct between 5744 to 5812 and target 5990 to 6000 with a SL of 5635
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