My immediate impression was a post boom, entry level model. Frankly, I was surprised by the Carnielli 1979 decal. The frame looks earlier to me, circa 1975-1976. I strongly suspect a lightweight hi-tensile steel with a post size of around 26.2mm. Had this been something like Aelle, I would have expected more braze-ons, forged dropouts, higher grade lugs and a 700C wheelset. This looks like it's designed for 27" wheels. The brakeset looks like very long reach with pads set at the bottom of the range, suggesting a later upgrade to 700C. That looks like a Bloor Cycle decal on the down tube.