September 01, 2015
CNX IT (September Fut.)
` 11480
` 11700 - 11670
` 12050
5-10 sessions
The entire ‘IT’ space is undergoing a medium term consolidation phase, which can also be termed as a
‘Time-wise Corrective’ phase of the larger degree up trend.
Within this consolidation phase, we are now observing some signs of strength. Recent correction in the CNX IT
index precisely halted around the 78.6% Fibonacci retracement level of the recent up move and then
rebounded sharply above the daily ’89 EMA’.
In addition, the hourly chart structure now looks extremely encouraging as the stock prices are attempting to
surpass the hourly ’89 EMA’ level of 11680.
Thus, we advise traders to buy CNX IT September Fut. from current level to a decline up to ` 11670 for a target
of ` 12050 in coming 5 - 10 days. The stop loss for this trade set up can be kept at ` 11480.
Source: Falcon (Chart time - IST 10.19)
Recom. Buying/Selling CMP Target 1 Target 2 Stop-loss Status
28-08-2015 Nifty Sept. Fut.
SL revise to 8140
18-06-2015 Nifty June Fut.
SL Triggered
22-05-2015 Nifty June Fut.
Target Achieved
13-01-2015 Nifty Jan. Fut.
SL Triggered
30-09-2014 Nifty Oct. Fut.
Target Achieved
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