Nifty IT sector is showing signs of short term trend exhaustion and high probabilities are there that trend reversal could be in progress. Nifty IT delivered a YTD performance of of 3.6% and delivered negative returns since Mar 2015 onwards.
Short term resistance are built around the congestion zone 10920. More over weekly sentiment turned negative last week which indicates a possible weakness in the short as well as medium term. Any correction could extend as good as sub 10000 levels. Previous swing supports at 9600 and 9350 levels.
RRG Weekly timeframe
Relative Rotational Graph on the weekly timeframe with benchmark as Nifty 50 shows a drift from weakening quadrant to lagging quadrant indicates a legitimate underperformance to follow in the medium term (roughtly 6-8 weeks duration).