Nifty IT= THE SECTOR TO AVOID FOR INVESTORS!⚠️

16 Apr 2023

FIRST THE TECHNICAL VIEW

Attached: Nifty IT Index Weekly Chart as of 13th April 2023

In the Chart above, I have mapped out the Potential Elliot Wave Count to play out over the coming Months:
- Price has fallen in 3 Waves which is our Larger A Wave
- Then Price did a Corrective bounce in an ABCDE structure making up our Larger B Wave
- And now the Larger C Wave Down in the form of an Impulse is about to start/ has already started!

I have 2 Downside Targets🎯 based on the Elliot Wave Count:

T1= 23400 to 22700 (which is C = 0.618 of A)
T2= 18350 to 17750 (which is C = A)

This implies an approx. 19% decline📉 for Target 1 and a 36% decline📉 for Target 2, from Current Market Price😨


NOW, THE FUNDAMENTAL VIEW

Regarding IT Stocks from an Investor's Stand Point, it is going to be the DIRTY FISH💩🐟 of the Pond and can potentially Spoil the Whole Pond as well

Irrespective of whether it is a Bull Market or a Bear Market for Broad Market Stocks.
IT Index is set for New Lows and Infosys is Leading it on the Downside

As an Analogy for the Indian Market:
Remember how Auto Sector was in 2018? TOP out
how Pharma was in 2015? TOP out

IT is the same now in a Bear Market🐻🩸. Fundamental Reasons:
- US Recession
- Wage Inflation (IT Co. main cost is Employees), Lay Offs, Etc.
- De Dollarization (aka USD Crash hurts Dollar Revenue of these IT Companies)

I suggest if you have any Investments in IT Stocks Sell Them Off✅
You will get better Value in Other Sectors✅

This is a SECTOR SPECIFIC View for INVESTORS!⚠️