BUDGET 2024: Technical Outlook & Money Flow in Different Sectors

NSE IT SECTORS CNXIT
TREND: POSITIVE
https://www.tradingview.com/x/YTiwWTnc/
  1. India IT sector is currently on an upward trend.
  2. After a bullish Pole & Flag pattern was spotted on the chart, a breakout occurred leading to a surge in index and the formation of a bullish Pennant pattern.
  3. Encountering resistance at the 38,600 level, the IT index underwent a correction and consolidation phase.
  4. During this consolidation, a Rounding Bottom pattern emerged, suggesting a potential continuation of the trend.
  5. Since the breakout, the index has successfully maintained levels above the breakout point and is steadily climbing higher.


NSE FMCG SECTORS CNXFMCG
TREND: POSITIVE
https://www.tradingview.com/x/zO5CXFdb/
  1. The chart shows a strong uptrend.
  2. In the past, there was a bullish Pole & Flag pattern formation, resulting in a surge after the breakout.
  3. The index faced significant resistance at 58,000, causing a correction and consolidation.
  4. A Cup & Handle pattern appeared emerged in the chart, suggesting a potential continuation of the trend.
  5. The recent breakout in the cup & handle pattern suggests that the FMCG index has managed to stay above the breakout level and is gradually moving higher.


NSE METAL SECTORS CCNXMETAL
TREND: NEGATIVE
https://www.tradingview.com/x/DDdxnfAS/
  1. The metal industry underwent a period of consolidation time and again in the past.
  2. Reaching a peak near the 10,200 level, the metal index consolidated again, and a recent breakdown suggests a potential downward movement.
  3. Looking at the downside, the 8,800 level could serve as a solid support, leading to a possible rebound in the index.


NSE MEDIA SECTOR CCNXMEDIA
TREND: NEGATIVE
スナップショット
  1. A bullish Ascending Triangle pattern was visible in the chart earlier.
  2. Instead of breaking upwards, the index experienced a breakdown, marked by a powerful bearish marubozu candle.
  3. Furthermore, the support level was breached, leading to a notable decline.
  4. The index eventually found support and traded within a box pattern.
  5. Following the breakout, the index rallied but encountered resistance at the former support level, now acting as a resistance post-breakdown.
  6. It is anticipated that the Media index will continue to decline and potentially find support around the 1,750 level.
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