Thread by @niki_poojary

𝐓𝐞𝐜𝐡 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐨𝐮𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐨𝐝𝐬 𝐲𝐞𝐭?

Read this 🧵to find out!

Covering US tech index NASDAQ & out own NIFTY IT with two leaders in the sector📈📉📊

#NASDAQ

Weekly structure weak, in a downtrend

currently 13k zones acting as an immediate support

#NASDAQ

However in 180 min TF bearish flag is under formation
BD confirmation only once it starts trading below 13300 decisively

#NIFTYIT

Monthly TF:🐻

A strong Bearish engulfing candlestick pattern has formed, although 1 trading day to go for the levels (which I'll update later)

#NIFTYIT

Weekly TF:🐻

Range expansion witnessed on the downside, infact the entire red candle for the month is due to the past two weeks severe correction witnessed in the IT space

#NIFTYIT

Daily TF: After a strong sell off, i.e. a range expansion on the downside, we might witness a range contraction i..e sideways to consolidation before the next move

Remember: Range expansion 🔄 Range contraction

#INFOSYS

Range contraction followed by a range expansion
Ditto like the IT sector

#TCS

Monthly TF: price unable to sustain >3796

#TCS

Weekly TF: M pattern under formation the confirmation will be only once it breaks the M pattern, also keep an eye on the purple TL

Conclusion:

#NIFTYIT had a dream run and was a sectoral leader in 2021 and was responsible for #NIFTY 18600 levels

#NIFTYIT had an extended move on the upside

Moreover, whenever the US market Sneezes🤧, Indian market catches Cold🥶

Double whammy!😵‍💫

• Check out my other threads on trading & finance 📊

• Hope you found this insightful 🤠

• Do let me knw in the comments🗣️

Have & happy & a safe 😷 weekend & the week ahead!😬