September 01, 2015
CNX IT (September Fut.)
BUY
` 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.
11600
11530
11800
12100
Bullish
DAILY CHART
Source: Falcon (Chart time - IST 10.19)
Date
Stocks
Recom. Buying/Selling CMP Target 1 Target 2 Stop-loss Status
28-08-2015 Nifty Sept. Fut.
SELL
8070-8090
7910
7670
-
8270
SL revise to 8140
18-06-2015 Nifty June Fut.
SELL
8145-8165
-
7980
-
8225
SL Triggered
22-05-2015 Nifty June Fut.
SELL
8500-8525
-
8300
-
8615
Target Achieved
13-01-2015 Nifty Jan. Fut.
SELL
8390-8410
-
8190
-
8500
SL Triggered
30-09-2014 Nifty Oct. Fut.
SELL
8060-8080
-
7940
-
8125
Target Achieved
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