NIFTY IT – Structural Breakdown on Renko ️

[nishshkumarjaani@gmail.com]

NIFTY IT – Structural Breakdown on Renko ️

Nifty IT has triggered a clear Head & Shoulder breakdown on the Renko chart around 31,000.

Downside Levels to Watch:
• 27,000 – First major corrective zone
• 24,600 – Extended support if momentum accelerates

Broader Technical Picture:
Majority IT stocks trading below 200 EMA
Monthly DMI in bearish trend mode

Monthly RSI below 50 → Indicates structural weakness

This suggests the correction could be deeper and time-wise extended, not a one-way fall.
Expect intermittent pullbacks toward resistance, but probability favors lower lows unless structure reclaims strength.

Strategy Focus:
Trade with trend. Avoid aggressive bottom fishing until reversal signals emerge.

Nishesh Jani,CFTe

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