Nifty IT

Nifty IT index is currently in wave III and within wave III, it is in smaller degree wave iii which is getting extended. In the forthcoming trading sessions, the Nifty IT index can possibly rise higher towards 35300 i.e. 161.8% of wave I. There is a possibility of wave III rising higher than 35300 provided smaller degree wave v also extends. Overall, the uptrend is likely to continue for some more time as after the completion of wave III, wave IV and V will still be pending. On the way down, the 20DMA and the 40 DEMA, which are currently pegged at 31038 and 3028 respectively, will provide support.