Nifty IT - Ferocious rally in store? Wave 3?

13 בדצמ׳ 2016

This is in continuation of my earlier post on CNXIT. CNXIT seems to have completed its intermediate correction at 9300 on monthly charts coinciding with lower end of the falling channel. Last week it made a higher low at 9750 and started to move up again. Possibly the largest 3rd wave has started which may take it to upper end of channel at around 10700-800, 200 SMA is also there. Dollar rally, weakness in rupee, reasonable valuations are also supporting this hypothesis. Long with SL at 9700.