Indian IT sector chart update.

NSE IT Index: 

  

Above is weekly chart of NSEIT index. It is approaching top made in 2011. Daily and weekly charts are overbought, but as of now there is no sign of weakness. 7560-7590 will act as stiff resistance. Going long at this level is not recommended.All longs should keep a strict sl or partial booking is recommended at this level. 

Wipro Chart : 

Daily and weekly charts are already in overbought region. 452-453 has been acting as stiff resistance since May 2011. High volume breakout of 452-453 is required for more up move. Watch it closely. All longs in Wipro should keep strict SL.  

HCLTECH Chart : 

Daily , Weekly and Monthly charts are in overbought zone. HCLTECH is at life time high value, but it approaching upper end of channel and room for more up move as of now is limited to upper trend line.

 All long holders in Indian IT stock keep strict sl and Enjoy the music till it last :). Personally i am not going to take long position in any of the stock as i expect some correction to set in very soon. 

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.