Nifty IT

The daily momentum index has completed its pullback cycle and it is now on the verge of turning bullish. As per the wave counts, wave V of 5 is still pending in the Nifty IT index and that can now possibly play out. At 39930, wave V will be equal to wave I. On the way down, the recent low of 34719 and the 40DEMA, which is currently pegged at 34525 are the crucial support levels to watch out for in the forthcoming trading sessions.