NIFTY IT INDEX ANALYSIS

On 26th March 2025 NIFTY IT index has taken resistance from 20 exponential moving average daily basis chart at that time nifty IT index was approximately trading at 37500 after that a huge fall in price was seen of approximately 6000 point correction was seen and a sharp downtrend on 7th March 2025 the candlestick form on the daily basis chart was outside the lower band of the Bollinger Band, which indicates that the index is trading in a oversold zone, and a rise in price is expected After that, a doji candlestick pattern was formed, but confirmation was not there, and the index price started consolidating, forming an important resistance level of 33510 Doji is a candlestick pattern where open and close prices are virtually equal, or very close Bollinger band: The upper band acts as an area of resistance, and the lower band acts as an area of support. Bottom and tops are made outside the band, followed by the top and bottom made inside the band, suggesting a reversal of trade A good buying opportunity would be seen in IT sector stocks, but the entry should be made only after once Nifty gives its closing above the resistance level Once the closing is above the resistance level Nifty IT index may move towards the 20 exponential moving average on a daily basis. 20 EMA acts as a support and resistance