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Nifty IT index

15 Apr 2021 ‚óŹ 03:40 AM

Nobody saw it coming but the weekly momentum on the IT index was indicating negative divergences. Now that is not always a top but it definitely slows down the speed of the rise. So smaller rallies and corrections follow. Once the Nifty IT index breaks 25142, the 20-week average, it may drift to 22581, the lower end of the range, later momentum may go negative before we get a bottom again. Patience is needed for the cycle to play out in momentum.

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