Weekly Outlook for CNX IT and its main components (August 03, 2015 to August 07, 2015)

DATE: 31/07/2015

WEEKLY OUTLOOK FOR CNX IT AND

ITS MAIN COMPONENTS

(03/08/2015 - 07/08/2015)

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Jagrut Shah Darpan Shah Sr. Research Analyst Head - Research EquityPandit Financial Services Pvt. Ltd. 305, Trinity Business Centre, L. P. Savani Road, Surat - 395009 Gujarat

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CNX IT index closed the week on positive note gaining more than 1%. As we have mentioned last week that the index has to sustain above the levels of 11600 to breakout of the channel pattern or else the index can fall to the levels of 11000, the index hit a low of 11300 during the week. The index also fill the gap which was created on the 21/07/2015 when the index opened gap up on back of INFY results. The index closed the week above the strong resistance zone of 11600 where 100 Daily SMA and 200 Daily SMA are positioned. The index has formed a Bullish engulfing pattern on monthly charts. If the index manages to close above the levels of 11800 the index will break-out of the 3 months consolidation. If the index manages to close above the levels of 11800 the index can move to the levels of 12800 to 13000 in 1 to 2 months time frame. Support for the index lies around the levels of 11300 where short term moving averages and trend-line support are lying. Broad range for the index in the coming week is seen from 11200 on downside to 12000 on upside.

CNX IT


INFY closed the week on negative note losing around 1%. The stock has made a Hammer pattern on 31/07/2015 indicating the end of downtrend. If the stock manages to close above the levels of 1080 the stock can move to the levels of 1120. The stock has formed a Bearish Harami pattern on weekly charts indicating the indecision among the traders about the further move after the big upward move. On monthly charts the stock has broken out of the consolidation phase of 960 to 1030 zone. Support for the stock lies around the levels of 1030 from where the stock broke out and also 100 Daily SMA and 200 Daily SMA are positioned. Resistance for the stock lies in the zone of 1120 to 1150 levels. Broad range for the stock in the coming week is seen between 1050 to 1060 on downside to 1130 to 1150 on upside.

INFY


TCS closed the week on absolutely flat note. Last week the stock consolidated in the tight range of 2470 on downside to 2520 on upside. Since last 3 months the stock has been consolidating in the range of 2450 on downside to 2650 on upside. A breakout on either side on monthly charts can move the stock further 5% to 7% in that di-rection. On daily charts if the stock manages to close above the levels of 2520 the stock can move to the levels of 2560 where 100 Daily SMA and 200 Daily SMA are lying. Support for the stock lies in the range of 2480 below which the stock can drift to the levels of 2450 where multiple trend-lines are positioned. Resistance for the stock lies in the zone of 2550 to 2580 where 100 Daily SMA and 200 Daily SMA are positioned. Broad range for the stock in the coming week is seen between 2450 to 2480 on downside to 2550 to 2580 on upside.

TCS


HCL Tech closed the week on positive note gaining around 5%. As we have mentioned last week that if the stock manages to cross over the resistance zone of 970 to 980 the stock can move to the levels of 1000 to 1020 where upward sloping trend-line is positioned. The stock hit a high of 1006 during the week. Last week the stock has formed a Shooting Star pattern on Weekly charts indicating the end of the uptrend in the stock and the stock corrected to the levels of 920 before bouncing back to the levels of 1000 by end of the week. The stock has formed a Bullish engulfing pattern on monthly charts. If the stock manages to close above the levels of 1005 the stock can move to the levels of 1040. Support for the stock lies in the range of 950 to 960 where short term moving averages and 100 Daily SMA is lying. Broad range for the stock in the coming week is seen between 950 to 970 on downside to 1020 to 1040 on upside.

HCL TECH


Wipro closed the week on absolutely flat note. Last week the stock has formed a Shooting Star pattern on weekly charts indicating the end of the uptrend in the stock. The stock corrected to the levels of 553 before bouncing to the levels of 570 by end of the week. This week the stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal. If the stock manages to move above the resistance zone of 570 to 580 where 100 Daily SMA and 200 Daily SMA are lying the stock can move to the levels of 600. Support for the stock lies in the zone 550 to 560 where 500 Daily SMA, 100 Weekly SMA and channel support are positioned. Resistance for the stock lies in the zone of 580 to 590 where 100 Daily SMA and 200 Daily SMA are lying. Broad range for the stock in the coming week is seen between 540 to 550 on downside to 580 to 600 on upside.

WIPRO


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Weekly Outlook for CNX IT and its main components (August 03, 2015 to August 07, 2015)

Economy & Finance

Transcript of Weekly Outlook for CNX IT and its main components (August 03, 2015 to August 07, 2015)