Nifty IT taking strong pullback here from the long term resistance.
A resistance, tested for the third time, only weakens, doesnt strengthen, especially provided the global scenario.
In the last 2 scenarios of this technical indicator, teh recovery has never been this fast, this quick, and v shaped, it is now.
good until we are above 200DMA.
As Nifty starts to bottom out, for anyone picking individual stocks to trade, latching to the winners is essential, right here right now.
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Something to watch at this point:
#NIFTYFMCG index, At absurd oversold levels and now rallying upwards, as the focus shifts away from AI name and back to consumption, as CPI cools down, as Crude gets on a better footing, we will see a lot of consumption names perform better, deliver better, and mean revert, if not outperform.
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Usually when an index lines up like this with multiple resistances being tested already, either we see a steep fall on the next hit or a breakout rally
With the current valuations, a steep fall seems questionable, a rally, maybe?










